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June 2020 Archives

Preparing real estate investments for estate administration

Major purchases, such as real estate, have many implications on the buyer's finances and lifestyle. These implications continue even after the owner passes away, as real estate investments must be considered as part of the estate planning and estate administration process.

Completing tasks and communicating in advance can help executors

As with most things in life, estate administration is far easier when advance planning and communication are involved. Largely, the burden to do this planning and have these conversations lies with the person whose estate is in question.

Advance planning can protect a family farm from estate litigation

When it comes to making a fair and well-documented plan for the future, farmers certainly have some unique considerations. What does it mean to treat kids fairly when most wealth is in property? How can one keep farmland in the family? Advance planning on the part of Ontario farmers can prevent some of these tough questions from making their way to estate litigation after they pass on.

Respond to early signs of dementia with estate and capacity plans

Over the past decades and years, research on dementia and mental capacity has continued to grow. As many aging Ontario residents begin thinking about updating their estate plans, issues of capacity and dementia frequently arise.

Why procrastinating on estate planning can lead to litigation

Financial planning of any kind can often be met with procrastination. Estate planning in particular can be easy to put off to the future, especially for those who feel like death is a long way off. However, lack of planning and documentation is one of the main reasons Ontario families end up in estate litigation. Here are a few of the benefits of putting wishes in writing early and updating plans often.

Concerned about future capacity? Consider powers of attorney

When it comes to estate planning, many people are primarily concerned with what happens after they pass away. But what about scenarios where one is still alive but unable to manage his or her health or affairs. In cases where capacity is in question, Ontario individuals and their loved ones can benefit from power of attorney plans.

Why estate planning is a good idea at any age

Young people are less likely to plan for what will happen after they pass on. There are many reasons for this: young people are at lower risk for suddenly passing away, they may think they don't have enough assets for it to be worthwhile, and many find it an anxiety-inducing process. But for young professionals in Ontario, the positives of estate planning often far outweigh any reasons to put it off.

Balancing costs and benefits in estate administration

There are quite a few potential costs associated with distributing assets and liabilities after death. Some of these are avoidable, some are not; but, in most cases, the decision about whether to assume certain investments in estate administration comes down to the overall benefits for the beneficiaries and the long-term gains. For example, investing in fixing up a home before selling it, or in hiring an experienced Ontario estate administration lawyer, are worthwhile costs to assume during this time.

How minor children are dealt with during estate administration

Individuals with minor children have particularly high stakes to consider when it comes to preparing wills and end-of-life documents. Primarily, they need to consider a plan for the care and custody of the children. They may also consider if or how to provide funding to the children's caretaker. Ontario planners and the executors supporting them should be aware of the legal, financial, and estate administration tools available to manage these issues.

Finding the right lawyer is key in estate administration

When dealing with an estate, be it as a planner, executor or beneficiary, legal advice is paramount. One of the challenges, however, is finding the right legal representative to help in these often complicated processes. When managing estate administration or any other related issue, there are some things to consider when picking the right Ontario lawyer.