A recent entry in this blog introduced the topic of trusts. A trust can be an extremely useful part of estate planning, whether set up as a testamentary trust, which pays out after the death of the creator, or as a living trust, whereby the asset is passed along immediately. Either way, any Ontario resident, whether he or she is wealthy, or of more modest means, may find value in creating one or more trusts for one of the following reasons.
Children should speak about estate planning with their parents
Watching one's parents grow older can be a difficult process. It is not easy to see someone so long viewed as a source of support and caring endure the rigors of aging, especially if that person begins to deteriorate mentally. Unfortunately, many children in Ontario live to see their parents gradually lose the ability to make sound financial decisions. For that reason, it may be a good idea for children to introduce the topic of estate planning sooner rather than later.
Estate planning: Who will do the talking when you cannot?
Do you avoid any thoughts about your own mortality? If you do, you are not alone. Few people in the greater Ontario area want to consider death or incapacitation. However, neglecting to attend to estate planning can make life tough for your loved ones if you should die or lose the ability to make your own medical or financial decisions. Spending a bit of time on drafting an estate plan, and updating it as needed, can avoid having a stranger make those decisions on your behalf.
Trusts may be a valuable part of estate planning
Any man or woman living in Ontario who has accumulated even a modest estate should be thinking about what will happen to his or her assets after they have passed on. Wills are the most commonly used documents for this process. Less often considered are trusts, but sometimes trusts may be the best way to distribute certain kinds of assets. They are definitely worth looking at as part of any estate planning.
Digital assets are sometimes forgotten when wills are written
A simple fact of the 21st century is that computer technology touches all our lives. Even people who would consider themselves to be non-techies probably leave larger digital footprints than they realize. For that reason, it is becoming increasingly important for digital assets to be included in wills and estate planning in Ontario.
