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.
Before considering what happens upon death, Ontario residents need to address what happens if they become incapacitated at some point. Powers of attorney can appoint a trusted person or people to handle issues such as finances and health care decisions. They also prevent family members from having to spend time and money in court to receive the same authority.
A trust could serve to maintain continuity during such a time as well. A successor trustee could take over the administration of the trust during this trying time. It could then provide a relatively seamless transition, from taking care of the trust’s creator to taking care of loved ones upon death.
Of course, few estate plans are complete without a will. This document provides much-needed instructions and guidance regarding how an individual wants his or her estate distributed after death. This document can help simplify the probate process if done correctly.
Preparing for estate administration does not have to be complex. It does need to be done, however. Without these documents, and any others required to meet an individual’s estate planning goals, matters could take significantly more time, effort and frustration for those left behind. Moreover, control over what happens to a hard-earned estate is taken out of the decedent’s hands.