Business owners, especially those with significant property or multiple beneficiaries, have unique challenges when it comes to planning for what happens after they pass away. Farmers and their families are particularly aware of this, especially when not all children want to carry on with farming.
While cryptocurrency has decreased in value since its 2017 peak, it still represents a significant chunk of wealth for many Canadian adults. In spite of this, estate planning for cryptocurrency is often neglected. This frequently results in the funds being lost in difficult estate litigation with limited precedent. For this reason, estate planning is highly critical for Ontario cryptocurrency owners.
When a person passes away without a will or plan, it can leave loved ones and next of kin in a difficult position. A lack of clear, legally valid plans is behind many estate litigation issues in Ontario.
When it comes to making a fair and well-documented plan for the future, farmers certainly have some unique considerations. What does it mean to treat kids fairly when most wealth is in property? How can one keep farmland in the family? Advance planning on the part of Ontario farmers can prevent some of these tough questions from making their way to estate litigation after they pass on.
Financial planning of any kind can often be met with procrastination. Estate planning in particular can be easy to put off to the future, especially for those who feel like death is a long way off. However, lack of planning and documentation is one of the main reasons Ontario families end up in estate litigation. Here are a few of the benefits of putting wishes in writing early and updating plans often.
Young people are less likely to plan for what will happen after they pass on. There are many reasons for this: young people are at lower risk for suddenly passing away, they may think they don't have enough assets for it to be worthwhile, and many find it an anxiety-inducing process. But for young professionals in Ontario, the positives of estate planning often far outweigh any reasons to put it off.
Many think that conflict over an individual's estate primarily occurs if someone does not leave a plan behind. But, the truth is, even those who feel they have a fairly solid estate plan in place can lead their families down a road to litigation by missing some important points. To avoid such issues, Ontario estate planners should ensure their will not only exists, but that it is up-to-date, detailed, and legally sound.
Planning the future of one's wealth can become complicated when former spouses, remarriages and blended families are in the mix. When a long marriage ends, estate planning might be one of the last things on the minds of those involved. However, if these issues are not addressed head-on, older divorcees in Ontario could be putting themselves at risk for estate litigation.
When someone decides to change a detail of a will, it is often not enough to just declare the intention aloud. Rather, Ontario planners should always put changes in writing to avoid future conflict. When this is not done, and someone insists a promise was made that is not included in the legal documents, it can lead to estate litigation through an estoppel claim.
For many, the start of a new year is an opportunity to set goals and mark the direction for the year to come. Financial resolutions are commonplace for many Ontario adults, whether it's making a budget, earning more or safeguarding assets. When it comes to the latter, be sure to keep estate plans on your radar. Updating early and often can help prevent litigation in the future.