Even if an Ontario resident's probate is not the longest one, it could take longer than surviving family members can afford or handle. To avoid this scenario, others may find it useful to structure their estate plans in such a way that estate administration is easier and takes less time. Taking steps to avoid probate can take the process in a direction that allows family members to access assets right away.
Blended families are fairly commonplace these days. Ontario residents who find love and marry for the second time often come into the relationship with their own assets and their own children. This makes planning vital in order to avoid estate litigation upon death.
After the death of a loved one, certain matters will require settlement. Before any other steps in the estate administration process can be taken, all of the deceased individual's assets need to be located and protected. It is important to be as thorough as possible in this process in order to ensure that all matters are resolved at the same time in order to avoid any complications in the future.
Perhaps you have come to the realization that your aging parent can no longer make good decisions for him or herself. You may wonder if you are simply applying your standards to your parent, but you still have a nagging feeling that it would be in his or her best interest to have a guardian appointed. This is usually a necessary step when the individual requiring assistance does not have a power of attorney in place, which would bypass the need to receive permission from an Ontario court to make decisions on behalf of someone else.
Every family is Ontario is unique. What may work for one family makes no sense for another, which is why there are so many choices when it comes to estate planning. For many families, failing to plan for the estate administration process could be disastrous.
Being chosen to administer the estate of a loved one is a privilege that comes with numerous duties. As Ontario residents undertake these duties, they may want to keep a few things in mind in order to make sure they get through the process successfully. This begins with knowing what is expected of them as executors.