Putting off planning for one's final days is not uncommon. Many people procrastinate on making the difficult financial and familial decisions that come with writing a will. This leaves many Ontario planners scrambling to throw estate plans together when they are given a terminal diagnosis or if their health takes an abrupt turn for the worse. The lack of oversight in many of these quickly administered wills can lead to confusion, family conflict and estate litigation.
Preparing a strong estate plan can make a significant difference in the lives of loved ones after a person's death. However, if the will is poorly considered, recorded or communicated, it is possible that estate plans can cause family conflict and even estate litigation. Here are a few tips for Ontario estate planners and family members seeking to have a conflict-free transition of wealth.
One of the decisions some people make when planning the distribution of their assets is to include a sizable charitable donation. Including charitable giving in an estate plan can be a great way to give back, though it can raise some estate administration considerations. For example, Ontario tax codes and legal steps should be taken into account when preparing for such a gift.
As baby boomer generations age, many are thinking about succession and estate plans. But are their children and grandchildren prepared to manage the inheritance they will be left with? For many young people in Ontario, receiving such a large sum can be daunting, and knowing what to do following estate administration can be challenging. Here are some tips to consider.
When a person passes away, people are typically aware that some of the next steps involve distributing the deceased's assets to next of kin according to his or her will. In Ontario, those who are designated to complete this task are known as executors. But do executors also have a role to play in the distribution of life insurance payouts that come following a person's death?