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Estate Administration Archives

Consider succession of digital assets in estate administration

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.

Managing estate administration if stepparent is sole beneficiary

While some wills lay out specific amounts or percentages for different individuals, others have a sole beneficiary. Typically, this is a surviving spouse. But some children find this a challenging prospect, especially if the surviving spouse does not see fit to leave them in the will although the first parent would have done so. How do such cases play out in Ontario estate administration?

How beneficiary designations can cause estate administration woes

Designating beneficiaries can often seem like the most straight-forward part of estate planning. However, common mistakes and misunderstandings can make this foundational part of a plan difficult in estate administration. Here are some beneficiary designation issues that can cause estate administration woes for Ontario executors.

Common oversights can lead to an estate administration headache

When executors begin their work, the best thing they can have at their disposal is a solid will and documentation. Unfortunately, even those who take the time to put together estate plans can miss a few common but important details. These oversights can be a significant estate administration burden for Ontario executors, so it is important to keep an eye out for them both when preparing and executing plans.

Estate administration best practices for pets

Pets can be a complicated topic when it comes to succession and estate planning. Are they an asset or a liability? Who is prepared to care for the pet should something happen to the owner, and how will they afford the associated expenses? Proper planning can help prevent this from becoming an estate administration nightmare for Ontario owners.

Managing digital assets in estate administration

The rise of digital currency has raised many questions in the financial and legal world. One common discussion involves estate planning and estate administration. How can digital assets, including cryptocurrencies, be transferred in the case of someone's death? Ontario planners and executors alike have many questions about the process of distributing digital assets of an estate.

Estate administration in blended families

When it comes to wills and estates, it is common for people to leave their assets to a spouse, followed by their children. This traditional structure of passing wealth to children can become complicated in a blended family. While the process of writing and administering a will are similar regardless of family structure, more complex family structures can lead to additional challenges. In these cases, clear consideration and communication are important for seamless estate administration in Ontario.

What happens if a beneficiary dies during estate administration?

When a person passes away, his or her assets are distributed amongst beneficiaries, often based on a will. Unexpected occurrences, such as the death of an heir, can make estate administration more complicated than it may seem on the surface. Here is how to approach the administration of an Ontario estate if a beneficiary dies prior to distribution.