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Why does it pay to plan for estate administration?

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.

Your family's dynamics play a pivotal role in how you structure your estate plan. If your family gets along well, you would make different decisions than if you knew that at least two of your loved ones would argue no matter how fair you attempted to be. Even if you believe that no one will oppose your wishes, it would still be a good idea to include some protections for the process. What those protections are in your case will undoubtedly be different from those of someone else.

For instance, you could take steps to help ensure that any inheritance you leave a child continues to support him or her for some time. Under these circumstances, you would not leave your child a direct inheritance through your will. A trust could provide a better vehicle for not only protecting your child from him or herself when it comes to spending money, but also protect that inheritance from exploitation by other people.

For these reasons and more, you want to do your best to make sure that your plan makes the estate administration process as smooth and easy as possible for your surviving family members whether they live here in Ontario or elsewhere. It should help avoid controversies and confrontations that could only cause your loved ones more grief. The more care you take in planning your estate, the better the chances are that your wishes and goals will come to fruition.

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