As a parent, deciding who will care for your minor children, should something happen to you, may be a key motivating factor in creating your estate plan. Divorced parents have unique considerations in this regard. To prevent estate litigation, it is important to ensure wills and estate plans align with other agreements and laws that relate to child custody and support.
Over the past decades and years, research on dementia and mental capacity has continued to grow. As many aging Ontario residents begin thinking about updating their estate plans, issues of capacity and dementia frequently arise.
When it comes to estate planning, many people are primarily concerned with what happens after they pass away. But what about scenarios where one is still alive but unable to manage his or her health or affairs. In cases where capacity is in question, Ontario individuals and their loved ones can benefit from power of attorney plans.
When preparing estate plans, many individuals focus on what will happen after they pass away. However, it is often just as important to consider what will happen if one becomes incapacitated.
When people think of estate planning, they are usually considering what will happen when they pass away. But, there are other scenarios that Ontario planners must prepare for as well. One of these is dementia, which is a relatively common situation among aging Canadians. Deciding who can make decisions in the case that the planner lacks the capacity to do so is important for all who are preparing for the future.
It is well known that parents with small children have to make important decisions about who will care for their kids should something happen to them. But what about parents of children with special needs? Whether a special needs child is younger or older, fairly independent or in need of a specialized guardian, Ontario parents of special needs children should take some important steps when planning their family's future.
Many people consider estate planning to exclusively involve the management of their assets after passing away, but there is more to it than just this. It also involves planning for who can make decisions on an individual's behalf if they no longer have the capacity to do so. It is important that Ontario adults and their loved ones have serious conversations about what may happen in a variety of situations, not only in the event of a death.
People with special needs and their caretakers have many unique challenges. One that is often overlooked is the prospect of planning for a person's financial future, including formulating an estate plan. This is important for those who have disabled loved ones with limited capacity, especially if the primary caregivers may pass away first as is often the case for parents of special needs children in Ontario.
Not every Ontario family gets along. While some members get along and have each other's best interests at heart, this may not be the case for others. Estate planning accounts for this by allowing you to retain control over who handles your property when capacity becomes an issue.
Taking over the decision-making process for a loved one can be a daunting prospect. Most family members who undertake this task want to do their best, but may not understand what it entails. Becoming a guardian for an Ontario resident comes with numerous responsibilities and duties.