Ontario residents may have heard that Walmart has moved into the estate planning business. The big-box store is now selling wills for $99 in many locations. There are also other wills available online for less including one form that is free, making simple estate planning widely available. However, experts advise that even though those options are less expensive, it is usually worth spending the money to have the document drafted by a lawyer for a number of reasons.
The importance of discussing estate planning
There are a number of reasons that Ontario residents might put off discussing estate planning with their heirs. In addition to the discomfort that some people feel when talking about their own mortality, many are also concerned about raising issues related to estate planning, like inheritances, dividing a family business and distributing heirlooms. Some parents have the concern that if they tell their children they stand to inherit substantial assets, they may not put as much effort into establishing a career.
3 important types of estate planning documents
Residents of the greater Toronto area may be interested in some information regarding the three types of documents that every estate plan should contain. These documents help to ease the burden on the executor and dictate what will happen to a person's assets after his or her death.
Surge in dementia spurs review of Ontario's elder laws
Across Ontario and throughout Canada, the numbers of those with some type of dementia is projected to double by 2034 and reach an estimated 1.4 million. The skyrocketing numbers are impacting family members and loved ones in unprecedented ways, but one of the main areas of concern is over the care of seniors. A serious problem with current laws is that a person's children may all have equal say in their care unless one of them was previously assigned as a conservator with power of attorney.
