Canadian families are perhaps more diverse now than ever before. An aging boomer population, second or third marriages, non-traditional households, loved ones with special needs — these are all important realities to consider in estate planning.
As you get older and life changes, you can think of your estate plan as an adjustable strategy. If you start planning early, you can have time to reflect on your strategy and, when necessary, make the appropriate changes that fit your family’s specific situation. In any case, the key is to do the actual planning.
At Hagel Lawfirm, we help individuals and families in Mississauga and throughout the GTA develop integrated estate planning solutions. Depending on the circumstances, a comprehensive plan may include the last will and testament, trusts, business succession planning, powers of attorney, strategic financial products, and an effective strategy for minimizing taxes.
Whatever your situation may be, a range of estate planning tools are available to provide a customized solution.
There is also something to be said for the peace of mind that comes with having an estate plan that you know is right for your family. In far too many cases, Canadians die intestate — without a will — and the manner in which estate assets and debts are distributed is determined by the scheme set out by provincial law. When you have a plan in place, you can be comforted in knowing that your loved ones will avoid that potentially costly and heart-rending situation.
Of course, creating a will is a basic step in the process. There are many tools available to finely tune your plan so that it maximizes assets and minimizes liabilities. For more on that, please see our overview of estate planning, wills and trusts.