As a parent, deciding who will care for your minor children, should something happen to you, may be a key motivating factor in creating your estate plan. Divorced parents have unique considerations in this regard. To prevent estate litigation, it is important to ensure wills and estate plans align with other agreements and laws that relate to child custody and support.
Understanding the differences between probate and trust administration
When an individual dies, probate is the court process through which the decedent's estate's execution begins. However, if the individual has chosen to use a trust as part of his or her estate plans, trust administration may also take place alongside the probate process.
Understanding the fiduciary duties of trustees to beneficiaries
When a person passes away, the individual responsible for overseeing the estate administration process is usually an executor. However, Ontario residents who choose to put some or all of their wealth in a trust will also name trustees. This person or persons are responsible for managing this portion of the estate administration, so it is important to clearly understand their duties and responsibilities in order to select and prepare the right person for the job.
Why do some people avoid estate planning?
When a person passes away without a will or plan, it can leave loved ones and next of kin in a difficult position. A lack of clear, legally valid plans is behind many estate litigation issues in Ontario.
