When creating an estate plan, Ontario residents are entrusting certain individuals with acting for them upon either death or incapacitation. These fiduciaries must perform their tasks honestly, in good faith and to the best of their abilities. What does that mean for the people appointed to fulfill the major roles in those plans?
Providing for families members after death is something that many Ontario residents work toward. They create estate plans they believe accomplish this goal -- at the time. The problem is that an estate plan may not always fit their families' circumstances. Certain events require a review of those plans in order to make sure they still apply and will not potentially give rise to litigation upon death.
Ontario residents can spend a number of years working to build their wealth in order to enjoy retirement and provide for their families after death. After making years of good decisions to accomplish these goals, they would be remiss in failing to appropriately plan for estate administration. Creating a plan that allows surviving loved ones to move forward with as little complications as possible can rectify this problem.
Not every Ontario family gets along. While some members get along and have each other's best interests at heart, this may not be the case for others. Estate planning accounts for this by allowing you to retain control over who handles your property when capacity becomes an issue.
The death of a loved one can devastate an Ontario family. While many family members want time to process their grief, certain tasks need attention nearly right away. Many people believe that the work does not begin until the probate is filed, but the estate administration process actually begins much sooner.