Due to its high value, extensive maintenance costs and emotional implications, family property is often one of the most contentious parts of estate planning and administration. This challenge can extend beyond the Ontario family home, with vacation homes often carrying many additional challenges for planners and beneficiaries alike. Here are a few options for estate planning with a vacation home in the mix.
Most horse owners are well aware of the financial obligations that come with their unique hobby. From vet bills to riding lessons, Ontario equestrians often face a hefty price tag and a myriad of responsibilities. Among these is the need to create estate plans that address the future of horses in case something happens to their owner, including naming a guardian and providing adequate funds.
One of the most common conflicts when it comes to a person's estate are when children dispute the inheritance of a spouse. This can become contentious when the spouse is new and not the parent of the child in question. Those who are remarrying in Ontario should have open conversations about their estate plans with everyone involved and clarify their wishes in a will.
The recent death of famed travel journalist Anthony Bordain raised many questions about estate planning considerations that come with a jet-setting lifestyle. One of the questions asked on this topic was about what happens to Bordain's loyalty points and frequent flier miles during estate administration. Ontario travelers could benefit from keeping this topic in mind when drafting their own estate plans.