2020 has been a challenging year in many ways. In addition to everything else, large numbers of people have sustained financial losses from which they may never recover.
When a loved one passes away, they ordinarily leave behind assets, debts and other property that need to be distributed, disposed of or otherwise handled. Probate may be necessary in order to accomplish these and other tasks, which requires a Certificate of Appointment of Estate Trustee from the court.
Some people don't think they have enough assets to have to worry about a will. Others simply never get around to creating one. Whatever the case, matters can quickly become complicated if you pass away without a valid will.
Being an executor or power of attorney often comes with its challenges. Outdated estate plans can make the process particularly tricky, in part because the wishes outlined in the legal documents may not align with what the deceased communicated to beneficiaries.
Running a successful business takes a great deal of commitment and work. If you are one of the lucky ones whose business has withstood the test of time, you more than likely want to make sure that it outlasts you. Perhaps you made arrangements within the company to make this happen, but have you considered using estate planning to help ensure the smooth transition of ownership after your death?
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.
Major purchases, such as real estate, have many implications on the buyer's finances and lifestyle. These implications continue even after the owner passes away, as real estate investments must be considered as part of the estate planning and estate administration process.
There are quite a few potential costs associated with distributing assets and liabilities after death. Some of these are avoidable, some are not; but, in most cases, the decision about whether to assume certain investments in estate administration comes down to the overall benefits for the beneficiaries and the long-term gains. For example, investing in fixing up a home before selling it, or in hiring an experienced Ontario estate administration lawyer, are worthwhile costs to assume during this time.
Individuals with minor children have particularly high stakes to consider when it comes to preparing wills and end-of-life documents. Primarily, they need to consider a plan for the care and custody of the children. They may also consider if or how to provide funding to the children's caretaker. Ontario planners and the executors supporting them should be aware of the legal, financial, and estate administration tools available to manage these issues.
When dealing with an estate, be it as a planner, executor or beneficiary, legal advice is paramount. One of the challenges, however, is finding the right legal representative to help in these often complicated processes. When managing estate administration or any other related issue, there are some things to consider when picking the right Ontario lawyer.