When someone sets out to create an estate plan there are many things that person is likely taking into consideration. In many cases the main objective of the person drafting the estate plan is to make things easier for loved ones after they are gone. This objective can be accomplished by more than just providing for them financially.
In cases of incapacity power of attorney plays important role
If you have been named as an attorney for property over the financial matters of a loved one you may be wondering just what your role is. While the specifics of each situation will of course determine exactly what needs to be attended to, there are some general guidelines that all should keep in mind.
Estate planning the right way now could prevent litigation later
Financial planning is not always straightforward. This is especially true for high net worth individuals. Persons, who fall into this category may need to address issues that others do not. In this post we will focus on three things that people in this demographic should take into consideration.
Creating a succession plan to transfer a family farm
When it comes to planning for the succession of a family business farms are likely not the first thing that comes to mind. The reality however is that for some families in the Mississauga area farming is how they make a living. As is the case with any other type of family owned business there are sometimes issues with the transfer of the business to the next generation. To try to keep those issues to a minimum is it important to work with an estate planning lawyer to create a succession plan.
Did you make these estate planning mistakes?
If you have or are in the midst of creating an estate plan, congratulations! Your willingness to take the time to let your loved ones know how you would like your assets distributed upon your death could make things easier for those you left behind, after you are gone. If you are going to undertake this endeavor it is important that you do it correctly. Doing so could be the difference between your estate plan being successful or not. Here are two mistakes that many Canadians may be making in the course of creating an estate plan.
