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July 2019 Archives

Be careful when selecting executors, news story demonstrates

When it comes time to pick an individual to oversee the distribution of a will or trust, many people consider a third-party professional instead of a family member or friend. While it may seem natural to name those with a financial background to this role, it is important to take a closer look at one's title and designation before selecting executors or trustees. An Ontario mutual fund dealer recently landed himself in hot water when he improperly took on two clients' estates as co-executor and trustee.

Estate planning tips for business owners

Planning for the future can be challenging for anyone, but business owners have particular considerations when preparing wills. Ontario business owners should be careful to include detailed information about the future of their business in estate plans if they hope for their business to survive the owner or owners. Plans should not only designate future management and ownership of the business, but also answer any questions that may arise about the transition and assets within the business. Here are some considerations for business owners looking to plan for their futures.

What happens if a beneficiary dies during estate administration?

When a person passes away, his or her assets are distributed amongst beneficiaries, often based on a will. Unexpected occurrences, such as the death of an heir, can make estate administration more complicated than it may seem on the surface. Here is how to approach the administration of an Ontario estate if a beneficiary dies prior to distribution.

Thorough planning can ease estate administration for the affluent

Almost every family has some difficult issues to consider when preparing estate plans, but those who are particularly wealthy may have additional considerations. Many wealthy Ontario families hand over estate planning decisions to financial advisors, but it may be beneficial to take a closer look at their recommendations before finalizing a strategy. This attention will not only help families identify their best options, but also ease the estate administration process later on.

Future planning should not wait until capacity wanes

Many people consider estate planning to exclusively involve the management of their assets after passing away, but there is more to it than just this. It also involves planning for who can make decisions on an individual's behalf if they no longer have the capacity to do so. It is important that Ontario adults and their loved ones have serious conversations about what may happen in a variety of situations, not only in the event of a death.