When deciding what will happen to your assets after your death, you may want to make sure that you pay attention to one asset in particular -- your Mississauga business. Perhaps you have already done some planning for everything else but still need to make arrangements for what will happen to your company after you pass away. There is no time like the present to make sure that you attend to this vital aspect of your life in order to avoid potential estate litigation in the future.
What happens when estate administration does not go as planned?
The harsh reality is that there is a lot of work to be done after the death of a loved one. Many Ontario residents find it challenging to manage their grief while working through routine estate administration tasks. Sadly, the process may turn out to be anything but routine, and the need for litigation may arise, which only further complicates things.
Addressing the possibility of a lack of capacity to make choices
It can be challenging enough for young, or even middle-aged, Ontario residents to understand the value of a will or trust to dispose of their property after their deaths. Understanding that death may not be the only event under which estate-planning documents could be useful may be even more of a challenge. People tend to forget that there could be a time when they lack the necessary capacity to make decisions for themselves due to an accident or injury.
Understanding what is and is not the job of executors
When taking on the role of executor, many people have questions. What exactly are executors responsible for? I care for the person who named me, but am I cut out for this position? It is important for Ontario executors to understand the role they are to play before accepting it.
