We often hear family members arguing over who inherits certain property after someone passes away. But what about disputes regarding unwanted property? For timeshare owners in Ontario and their families, this can be a real point of contention. Here are some things worth knowing when going through estate administration with a timeshare in the mix.
Choosing representation is a challenge in any legal situation. When hiring someone to support estate administration and probate in Ontario, one has to be careful to select someone with the knowledge, temperament and integrity to do a good job. Here are some things to look out for when deciding whether a lawyer is a good fit for the sensitive work of helping to execute and probate a will.
There are many misconceptions about estate planning, especially amongst younger people or those with less assets. One such misconception is that a will is the only document needed to complete a plan for what happens after one passes. Another is that estate planning is an activity for older adults. In fact, there are multiple documents involved in an Ontario estate plan, and considering certain decisions even at a young age can help ease estate administration should someone pass away suddenly.
Those who are named as executors can find themselves swimming in fairly complicated waters. Some people taking on the challenge of estate administration are in the enviable position of being the sole beneficiary and having no family conflicts. However, for the majority of Ontario executors, maintaining professionalism and doing everything by the book is important in order to avoid legal challenges from other beneficiaries.
Online tools are increasingly popular for those looking to tackle some of life's most tedious or even complicated tasks. But are people in Ontario and throughout Canada ready to hand over their important financial and legal matters, such as major investments and estate administration, to online services? According to a recent poll, trusted experts are still preferred when it comes to important decisions.
Valuable real estate is bound to be a challenge when it comes to writing a will, especially if there are multiple beneficiaries. But this challenge can deepen if the land is a working farm, especially if the intention is to keep the farm in business rather than sell it. Without proper planning, communication and documentation, the Ontario farmers' dreams of a multi-generational business can turn into an estate administration nightmare for their families.
When it comes to distributing assets and fulfilling final wishes upon death, high-valued items are often at risk of becoming most contentious. But, it is important for Ontario executors to consider that value can extend beyond the financial and also include emotional impact. Sentimental items, even those with lesser value in the marketplace, can be a significant cause of issues in estate administration. Here are some tips for executors who may be handling these touchy situations.
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.
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.
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.