Few people here in Ontario or elsewhere want to voluntarily sit and contemplate their own deaths. Even so, this is exactly what they have to do in order to build an estate plan. If emotions get in the way of taking this step, it could sabotage and unnecessarily complicate the estate administration process for surviving family members who must ultimately deal with the estates.
Is estate administration tax due on every Ontario estate?
It often feels as though there are several loose ends to tend to when an Ontario resident dies. If an individual left an estate plan, that should make the process go more smoothly. Those documents can also help determine whether and how much estate administration tax is due.
Clarifying your estate plan with a letter of intent
Many Ontario residents wonder whether the arrangements they made for their property after their death will meet with contention and suspicion from surviving loved ones. This could happen if no one understands the intent behind the decisions made. A letter outlining this and other information could prove invaluable to them during the estate administration process since it can be provided to loved ones prior to death.
Blended families can encounter challenging estate administration
The definition of family has changed dramatically in recent decades. Many Ontario families have stepparents, stepchildren and half-siblings. When it comes to providing for them after death, residents often want to make sure that everyone receives their fair share. Without careful planning, blended families can easily encounter challenges when it comes to estate administration.
