An individual who becomes a guardian of property on behalf of a person who is deemed to be incapable may have questions about responsibilities. An individual who is unable to handle daily tasks such as paying bills, buying food and making other financial transactions may need a guardian to manage these issues on his or her behalf. A guardian assists in protecting the interests of the person whose property is being managed, but the guardian also protects the interests of those on the other ends of those financial transactions by ensuring that obligations are met.
Figuring out the finer points of taxes with an inheritance
Ontario residents may be interested in an explanation of the tax implications for different types of inherited assets. Either the estate of the owner of the assets or the beneficiary may face taxes depending on the type of inheritance and the instructions to the executor. In some cases, a decedent's taxes will be paid by the estate, provided that the executor of the estate was directed to do so. The beneficiary would then inherit these funds as taxpaid money, and no tax would be owed.
Estate planning basics in Canada
While experts recommend that everyone undertake thorough estate planning, it is especially important for Ontario residents with children, substantial assets or a business. Proper estate planning ensures not only that someone's wishes will be carried out upon their death, but it also makes life easier for the executor and their heirs.
The importance of trustworthy fiduciaries
Ontario residents undertaking their estate planning would do well to make sure they appoint effective and trustworthy fiduciaries. In estate planning, a fiduciary is someone appointed to handle various aspects of a person's estate. A fiduciary might be a trustee, a lawyer or anyone else entrusted with the job of managing the person's affairs. While some people associate estate planning with leaving instructions about managing their assets after their death, estate planning also involves appointing people to manage one's medical and financial decisions if the person alive but incapable of making those decisions for himself or herself.
