After a lifetime of working hard, raising children and socking any extra money away, most people of retirement age just want to relax and spend some of their hard-earned funds on family members. But in the throes of estate planning in Canada, few people give pause to what would happen to any money shared with an adult child if that child's marriage or live-in love relationship goes on the skids. It's an important question to ask.
Estate planning in the digital age
Some people have amassed a number of assets in the technological realm. When it comes to estate planning, citizens of Canada should be mindful to include those assets in their wills. In this digital age, some people's assets go beyond investment portfolio shares, valuable collections like art, or a sports car.
Estate administration: what to do when someone dies
When a loved one dies, usually the last thing on family members' minds is dealing with the legalities of the death, yet these matters should receive prudent attention. Ontario residents involved with a deceased person's estate administration should familiarize themselves with what to do in the event of a loved one's demise. Apart from doing the obvious -- like arranging the funeral and seeing that all documents are secured, like a death registration, death certificate, burial certificate, etc. -- the executor(s) of the estate should look into the situation of a will.
Minimizing probate fees for Ontario wills
Most estates end up going through the probate process. Ontario residents' wills need to have a legal stamp of approval in the courts. This probate process also formally appoints the estate's executor.
Ontario snowbirds: Wills and owning Florida property
Many of the over 55 crowd still head to warmer climates to escape the scathing Canadian winters. Most older people living in Ontario have wills, and many of those who make the trek to Florida in the cold months also own property there. So, do they need to have a separate will for that property?
