For most Canadians, financial planning is far from a well-defined process. While many have an idea of what they have and where they may want it to go after they pass away, these plans are often not articulated to those who need to be aware. Ontario families may find that the best way to avoid financial challenges, up to and including estate litigation, is to consider an estate as part of a longer-term process of financial planning overall.
Managing gifts to grandchildren in estate administration
As the economy changes and housing costs rise, an increasing number of grandparents are offering financial assistance to their grandchildren. This shift in priorities can impact estate planning and estate administration, especially if grandparents would like to leave money to help their grandchildren only with particular purchases like a home or education. Here are some ways Ontario grandparents can approach the delicate subject of grandchildren in estate planning.
Plan ahead to avoid estate administration issues with the cottage
A family home is often at the center of estate planning efforts. But there are other large-scale assets that can often cause serious disputes and estate administration challenges in Ontario families. Cottages are one common asset that can cause discord among families. Here are some steps cottage owners can take to prevent conflict around this often beloved family asset.
Divorce and farms can cause estate administration challenges
A business, land and property, and changes in marital status can all add challenges to estate planning. For some Ontario families, all three issues are involved in their wealth planning and estate administration. With the rise of so-called "grey divorce," many farming families with large amounts of land and business assets have had to change their estate plans later in life. Neglecting to do so, or missing a step, can make for particularly difficult estate administration.
