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Estate Administration Archives

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.

Thorough planning can ease estate administration for the affluent

Almost every family has some difficult issues to consider when preparing estate plans, but those who are particularly wealthy may have additional considerations. Many wealthy Ontario families hand over estate planning decisions to financial advisors, but it may be beneficial to take a closer look at their recommendations before finalizing a strategy. This attention will not only help families identify their best options, but also ease the estate administration process later on.

Managing gifts to grandchildren in estate administration

As the economy changes and housing costs rise, an increasing number of grandparents are offering financial assistance to their grandchildren. This shift in priorities can impact estate planning and estate administration, especially if grandparents would like to leave money to help their grandchildren only with particular purchases like a home or education. Here are some ways Ontario grandparents can approach the delicate subject of grandchildren in estate planning.

Plan ahead to avoid estate administration issues with the cottage

A family home is often at the center of estate planning efforts. But there are other large-scale assets that can often cause serious disputes and estate administration challenges in Ontario families. Cottages are one common asset that can cause discord among families. Here are some steps cottage owners can take to prevent conflict around this often beloved family asset.

Divorce and farms can cause estate administration challenges

A business, land and property, and changes in marital status can all add challenges to estate planning. For some Ontario families, all three issues are involved in their wealth planning and estate administration. With the rise of so-called "grey divorce," many farming families with large amounts of land and business assets have had to change their estate plans later in life. Neglecting to do so, or missing a step, can make for particularly difficult estate administration.