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Why is estate planning so important?

On Behalf of | Dec 10, 2021 | Estate Planning

People who die without having made any plans for their estates could be making the grieving process even more difficult on their loved ones. With the ease of estate planning now, Ontario residents need not put this important task off; better yet, they shouldn’t put it off. Those who fail to prepare for their own passing may be those who don’t want to think about death, but thinking about what one’s family could go through may make individuals take some estate planning action. 

Putting affairs in order is crucial

If a person dies intestate (without a will) the government’s intestacy laws will come into play using a method for doling out assets. Usually, if the individual is married, a spouse and children will be the beneficiaries, and if not, then next of kin like parents, brothers, sisters, grandparents, and down the line to nieces, nephews and so on. It’s not always this simple, however. For instance, what about personal things like jewelry or heirlooms, which have often been known to result in family-related disputes.  

Have the talk

A very important element to estate planning is having a discussion with loved ones about end of life wishes and how assets could be divided. Being as specific as possible in a will can save a lot of family dissension when it comes time to administer the estate plan. Discussing all this with family members may be uncomfortable at first, but they most likely appreciate being included in the process. 

Ontario residents who have been on the fence about writing an estate plan may wish to discuss things with a lawyer experienced in estate planning law. Understanding the important elements estate planning may make the process less daunting. People tend to fear that which they don’t understand, so having some understanding of an estate plan could ultimately prove invaluable.  

 

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