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Estate Planning Archives

The need for estate planning for young parents

Years ago, most Ontario parents would have appointed godparents who would take care of their children, if anything should happen to the parents that would orphan the kids. However, times have changed, and young couples are either less religious or not as traditional as couples from earlier years were, and many young parents may overlook the importance of estate planning and the appointment of guardians for their children. Life is unpredictable, and any couple's children may unexpectedly be left without care if their parents are killed in a crash or an equally horrible incident.

Estate planning not only for protection after death

Regardless of how well planned our lives are, unanticipated events have a way of occurring at the worst times. For that reason, estate planners suggest three documents that should not be left out of any Ontario resident's estate planning. Rather than only having control over his or her assets after death, these papers will protect assets if the individual becomes incapacitated.

Trusts are non-essential but valuable tools in estate planning

Many Ontario residents think they only need to draft wills later in life. The truth is that life is unpredictable, and as soon as a person starts earning an income, it is wise to establish some form of estate planning that can be adapted through the years as assets increase and major changes like marriage and children occur. Those who do consider estate planning may misguidedly believe that trusts are essential, while the fact is that they can be helpful under particular circumstances, but they are optional.

Wills and trusts in estate planning

Trusts are becoming more and more popular by Ontario residents who want more control over what happens to their assets, both during their lifetimes and after their deaths. While a will is an essential estate planning tool, trusts can be used as added methods of control. The person who establishes a trust is called the settlor, and he or she appoints trustees who will become the legal titleholder of any assets transferred into a trust.

The need for powers of attorney as part of estate planning

Life in Ontario is unpredictable, and adverse circumstances or advancement in age can affect any person's mental competence. If such an individual did not anticipate this and failed to address it by appropriate estate planning measures, a court will appoint such a guardian -- if the individual is no longer mentally able choose a substitute decision maker. The court's appointment may not be the person that the individual would have chosen.

Tips and tricks for effective estate planning

Whether one has a lot or a little, it only makes sense to consider what is going to happen to his or her assets when he or she passes away. While there is no legal requirement to make a will or do any kind of estate planning whatsoever, leaving no plan for heirs to follow can create chaos and disappointment during a time of need. Rather than forcing family and loved ones to scramble, it is always better to put a plan place to provide comfort at a dark hour. Here are some tips for men and women in Ontario looking to put their affairs in order.

Estate planning for blended families may take extra care

Although it makes great fodder for soap operas and dramatic movies, no one wants to leave the family to squabble over an estate after he or she passes away. For that reason, many people leave their final wishes in a will, so that there can be no doubt as to who gets what. Disappointed heirs, however, can make life difficult for others if they feel the will was unfair. Blended families may be especially likely to experience turmoil, if the estate planning is not done just right.

Take control of your estate planning with a trust

If a person is fortunate, he or she may accumulate significant assets over the course of a lifetime. Deciding what is to become of those assets after one passes away can be a challenge. Wills are a common way of handing down assets; However, once the will is submitted for the probate, the will and the entire application become a part of public domain. Anyone may obtain from the Court a copy of the will submitted for probate. To protect their privacy, many high earners in Ontario are making trusts a part of their estate planning.

Estate planning is also about choosing the right people

When many of today's adults were children, choosing the right people to be by their sides was just as important as it is now. Whether making friends, or picking players for a team, kids learn early that it pays dividends to choose the best people for the job. The same holds true when an adult is working on his or her estate planning in Ontario. Whom one chooses to be the executor of the estate can have a major effect on the administration process.

Without a 'Titanic Clause' a person's estate planning could sink

No person can predict the future, but that does not mean one shouldn't make plans for the inevitable. At some point, everyone passes away, and it is important to prepare for the distribution of one's assets when the time comes. Being prepared for multiple contingencies can help to ensure that all of a person's estate planning wasn't for nothing.