The transfer of an estate is what happens when a person passes away. It is typically important that all adults do some essential estate planning no matter their level of income, marital status or amount of assets they have. Getting one’s wishes in writing will help an executor to carry out the last wishes of a testator.
What’s so important about estate planning anyway?
Let’s face it, estate planning is the last thing many people want to think about, but it can often be one of life’s necessities. Here are some of the benefits of creating a comprehensive estate plan:
- A proper estate plan allows one’s wishes to be honoured. The more precise people are in writing down their last wishes, the more apt they are to be carried out.
- It allows for the peaceful transfer of assets, taking the burden away from loved ones so they can grieve without worrying about the estate.
- Having a power of attorney offers the testator protection in case he or she cannot make decisions because of incapacity.
- A thorough estate plan allows for the planning of a suitable tax strategy to minimize some of the financial impact upon asset distribution.
Planning doesn’t need to be difficult
Following a road map is often the easiest way of attaining a goal, and this goes for creating a comprehensive estate plan as well. One simple, beneficial idea for this process could be listing out things that are a personal priority, such as allowing loved ones to continue to maintain a certain standard of living, paying for grandchildren’s post-secondary education or naming a favorite charity as a beneficiary. Overthinking estate planning, on the other hand, could make the process more difficult than it should be.
In the majority of cases, the earlier the process of estate planning begins, the better for all parties ultimately affected. Loved ones of Ontario residents who die without at least a will are at the mercy of the Succession Law Reform Act, which outlines how an estate should be distributed. A lawyer experienced with these matters can carefully guide someone through the process, ensuring all wishes are accounted for and ensuring a smooth transition when the time arrives.