Many people are aware that they must plan for the succession of assets like their home, physical belongings and finances in estate plans. But what about those items that exist only in the digital world? Owned websites, accounts, content and digital items such as cryptocurrency can all be worth a significant amount in the digital age. Navigating the legal standards around the succession of digital assets can be an estate administration challenge for Ontario executors.
Reviewing beneficiary designations can ease estate administration
Many Canadians mistakenly believe that writing a will is a "set it and forget it" exercise. This could not be further from the proof. Regular review, improvements and clarifications are important to in Ontario estate planning. Making some of these updates could save executors from an estate administration challenge down the line.
Advance financial planning can ease estate administration
There is usually many things on the agenda during a meeting between financial advisors and their clients. With investments, budgets, retirement and so much more to talk about, estate planning can often fall to the wayside. However, Ontario financial advisors can and should make time to mention estate planning to their clients in order to save their families from an estate administration headache down the road.
Planning ahead for dementia, capacity loss is important
When people think of estate planning, they are usually considering what will happen when they pass away. But, there are other scenarios that Ontario planners must prepare for as well. One of these is dementia, which is a relatively common situation among aging Canadians. Deciding who can make decisions in the case that the planner lacks the capacity to do so is important for all who are preparing for the future.
