When many of today's adults were children, choosing the right people to be by their sides was just as important as it is now. Whether making friends, or picking players for a team, kids learn early that it pays dividends to choose the best people for the job. The same holds true when an adult is working on his or her estate planning in Ontario. Whom one chooses to be the executor of the estate can have a major effect on the administration process.
Without a 'Titanic Clause' a person's estate planning could sink
No person can predict the future, but that does not mean one shouldn't make plans for the inevitable. At some point, everyone passes away, and it is important to prepare for the distribution of one's assets when the time comes. Being prepared for multiple contingencies can help to ensure that all of a person's estate planning wasn't for nothing.
Choosing one's executor is a key part of estate planning
It is one of life's great ironies that one of the most important and potentially complicated events an individual will be associated with occurs after he or she has passed away. The dispersal of personal effects and assets after a person's death may be a simple wrapping up of affairs, but it could also be a time for giving generous gifts to loved ones, or securing a legacy for the future. Unfortunately, the donor cannot be there to oversee the process. For that reason, choosing an executor is one of the most important aspects of estate planning in Ontario.
Include the kids while estate planning later in life
Most children probably believe that mom and dad will always be there. As people age, however, they come to understand and accept that all things come to an end in time. Part of being an adult in Ontario should include preparing for the day when one is no longer around. Some financial experts believe children and other heirs should be included in the estate planning process.
