When someone dies here in Ontario or elsewhere, surviving family members must gather all of the assets accumulated by the decedent that he or she owned at death. This includes large items such as a home down to small items such as jewelry, and everything in between that requires some attention during estate administration. What some people seem to miss is those assets that exist only online or on a computer.
Taking over the decision-making process for a loved one can be a daunting prospect. Most family members who undertake this task want to do their best, but may not understand what it entails. Becoming a guardian for an Ontario resident comes with numerous responsibilities and duties.
After spending your career building wealth, you may want to make sure that you can leave a legacy for your family members after you pass away. You can continue to build your financial portfolio with the help of an Ontario financial advisor. You may also want to make sure that most of the assets you own at your death go to your loved ones during the estate administration process.
Statistics Canada says that the fastest growing age demographic in the country is those over the age of 80. Estimates indicate that by around the year 2036, 3.3 million Canadians will fit this demographic. This trend could significantly shift the focus of estate planning.