If a person is fortunate, he or she may accumulate significant assets over the course of a lifetime. Deciding what is to become of those assets after one passes away can be a challenge. Wills are a common way of handing down assets; However, once the will is submitted for the probate, the will and the entire application become a part of public domain. Anyone may obtain from the Court a copy of the will submitted for probate. To protect their privacy, many high earners in Ontario are making trusts a part of their estate planning.
Estate administration can take a nasty turn when families fight
When a man or woman writes a will, it is no doubt their hope to leave enriching gifts to those whom they held most dear in life. Unfortunately, once a person has passed on, he or she has no control over what his or her relatives do. Estate administration can become lengthy and unpleasant when descendants squabble over the estate, as one celebrity family is proving right now.
Keep wills up to date to reflect family changes
Any man or woman who plans for the future of his or her family after they are gone clearly cares about the people in their life. Wills, in particular, are a great way to ensure the distribution of estates and the enrichment of descendants. However, failing to keep one's will up to date could have unintended and regrettable consequences for a person's loved ones.
What are the grounds for contesting wills in Ontario?
When a family member or a loved one passes away, it is a sad time for everyone connected to that individual. Sometimes, there may be solace found when the executor administers the will; a kindly bequest may be a welcome reminder of the relationship there once was. Sometimes, however, the bequest is disappointing, or even non-existent. Under certain circumstances, it may be possible for a disappointed heir or other party to contest the will. For anyone considering such actions, it may be helpful to have a brief look at the valid reasons for contesting wills in Ontario.
How to become a guardian of property in Ontario
In an ideal world, every person will enjoy good health and a sound mind until they pass away. Unfortunately, that doesn't happen for some people. Should a person no longer be able to make decisions about his or her own finances due to mental incapacity, it may be necessary to appoint a guardian to manage his or her affairs. Here is a brief summary of guardianship of property in Ontario.
