Wills and EstatesTaking care of estate planning today gives you peace of mind for the future by knowing that your loved ones are taken care of. A properly drafted and up-to-date will ensures that your wishes are followed, your estate is distributed efficiently with minimal tax exposure and without any family disputes. |
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Wills and Estates
Taking care of estate planning today gives you peace of mind for the future by knowing that your loved ones are taken care of. A properly drafted and up-to-date will ensures that your wishes are followed, your estate is distributed efficiently with minimal tax exposure and without any family disputes.
The statistic shows that about half of Canadians do not have a will, the main reasons for not having one being:
- the belief they are too young to worry about it now;
- not having enough assets to make it feasible; and
- expenses associated with drafting one.
Life is unpredictable and certain life changes can happen at any stage of our lives. It is essential to have estate planning documents in place to gain control over life events regardless of your age. If you pass away without a will, you will have no control over the final destination of your assets as your property will be distributed according to the formula prescribed by provincial legislation. This may mean that the people you care about and charities you support will receive nothing. Having up-to-date wills in place is critical for blended families and common-law partners as it may allow avoiding family disputes and costly estate litigation.
However, there is more to estate planning than just asset distribution. If both parents pass away, having a guardian appointed for minor children and dependants becomes critical, otherwise, the court will appoint one for them.
Equally important, business succession planning is essential for business owners. Having a comprehensive business succession plan in place will ensure your business continues to operate efficiently in case of your incapacity or death and will prevent any legal disputes over your business assets.
Generally, the cost of preparing estate planning documents is much lower than many people expect. Investing in estate planning now could save your loved ones from undergoing complex procedures once you pass which could put a significant amount of stress and financial burden on their shoulders.
Provincial law allows you to appoint another person(s) to act on your behalf should you lose the mental capacity to make decisions for yourself. This appointment should be done in advance while you have the capacity. A Personal Directive deals with personal decisions like health, standards of living, participation in social, educational and employment activities, etc. An Enduring Power of Attorney covers business and financial matters. If a person loses capacity due to illness or injury without having an Enduring Powers of Attorney and a Personal Directive in place, the relatives will need to undertake a court process to appoint a guardian and a trustee which may take long and be quite costly.
A Will, a Personal Directive and an Enduring Power of Attorney are essential elements of a comprehensive estate plan. Therefore, we strongly recommend our clients putting all of these documents in place.
Dealing with legal issues while going through grief can be overwhelming. You can trust us to be empathetic and discreet and count on our emotional support. Get in touch with us today to see how we can help.
