Children usually have the best interests of their parents at heart. But when it comes to estate planning in Ontario, having all children as executors of their parent's will may not be the best decision. Having more than two or three executors of a will could be a recipe for disaster since all the estate trustees would have to be involved in all the decisions regarding the estate.
The need for estate planning for young parents
Years ago, most Ontario parents would have appointed godparents who would take care of their children, if anything should happen to the parents that would orphan the kids. However, times have changed, and young couples are generally either less religious or not as traditional.
Estate planning not only for protection after death
Regardless of how well planned our lives are, unanticipated events have a way of occurring at the worst times. For that reason, estate planners suggest three documents that should not be left out by any Ontario resident's estate planning. Rather than only having control over his or her assets after death, these documents will protect assets if the individual becomes incapacitated during his or her lifetime and is not longer able to manage his or her own affairs.
Trusts are non-essential but valuable tools in estate planning
Many Ontario residents think they only need to draft wills later in life. The truth is that life is unpredictable, and as soon as a person starts earning an income, it is wise to establish some form of estate planning that can be adapted through the years as assets increase and major changes like marriage and children occur.
