Putting off planning for one's final days is not uncommon. Many people procrastinate on making the difficult financial and familial decisions that come with writing a will. This leaves many Ontario planners scrambling to throw estate plans together when they are given a terminal diagnosis or if their health takes an abrupt turn for the worse. The lack of oversight in many of these quickly administered wills can lead to confusion, family conflict and estate litigation.
Preparing a strong estate plan can make a significant difference in the lives of loved ones after a person's death. However, if the will is poorly considered, recorded or communicated, it is possible that estate plans can cause family conflict and even estate litigation. Here are a few tips for Ontario estate planners and family members seeking to have a conflict-free transition of wealth.
Due to its high value, extensive maintenance costs and emotional implications, family property is often one of the most contentious parts of estate planning and administration. This challenge can extend beyond the Ontario family home, with vacation homes often carrying many additional challenges for planners and beneficiaries alike. Here are a few options for estate planning with a vacation home in the mix.
One of the most common conflicts when it comes to a person's estate are when children dispute the inheritance of a spouse. This can become contentious when the spouse is new and not the parent of the child in question. Those who are remarrying in Ontario should have open conversations about their estate plans with everyone involved and clarify their wishes in a will.
Many people consider the financial value of assets when planning the future of their estate, but what about the emotional value? Both money and memories can be tied up in a family cottage, making it a difficult thing to manage when the principal owners are no longer around. For this reason, the family cottage often ends up at the center of heated estate litigation involving Ontario families.
There are many things that can affect the execution of a will. The issue that lawyers, family trust officers and accountants say is the biggest threat to estate planning is family conflict. Without considering this issue and effectively communicating plans, many Ontario estates can get caught up in estate litigation.
The executor, or estate trustee, of your will is the person who will administer your estate as per your instructions. This individual will be responsible for settling any debts, closing your accounts and dividing the remainder of your estate between your surviving beneficiaries.
When loved ones fall ill or lose their mental capacity, family and friends often rally to their sides to look out for their interests. However, it can be hard for everyone to agree on what decisions are in the best interests of the incapacitated person.
The elder law section of the Ontario Bar Association (OBA) was launched as a response to the growing number of boomers heading into their golden years. Now the group explains the type of issues they will be addressing, and how they hope to protect elder rights related to financial decisions and end-of-life planning.
Wills are created, in part, to leave your remaining possessions as you wish to family and friends after you pass. However, shortcomings within the will, such as a lack of specific instructions, are only realized after the testator has passed away.