Estate Planning: What you need to know
Estate planning might seem like a daunting process, but the right team can take the majority of the stress off of you. Even if you aren’t rich, you may still need estate planning.
Estates include everything a person owns, so it can be any size. That’s why it’s worth planning for what happens to it after you die.
What is it?
Estate plans help you lay out what happens to your assets when you pass away. It states who gets your assets and what you want to happen to your things if you’re unable to handle them yourself.
An estate plan is made up of legal documents that specify your intentions and expectations for your assets. These plans can go into effect if you pass away or can’t take care of yourself or your estate. That might happen if you get into an accident and become incapacitated.
Your estate plan might cover healthcare and long-term care. Not only that, but it covers everything that you own, including cash, investments, real estate, businesses, and personal property.
It’ll also talk about who you want to manage your finances and look after your family. An estate plan details what happens to all of that and who gets what.
Basic Steps
There are a few steps that you can take on your own, but you can also hire a lawyer to help you. Finding a good family trust lawyer Torontoor anywhere else isn’t that difficult, but finding the right one for you might take a little bit of research.
There are a few things that you should keep in mind when setting up an estate plan. If you have a family, consider how you can ensure that your children won’t need to worry financially. You’ll also need to consider how a divorce will affect your assets and your children’s inheritance.
If you’re Canadian, you also need to ask yourself how you can best protect your assets outside of Canada. You may want to leave your estate to your beneficiaries in a trust, but you should talk to a lawyer before deciding. Discuss whether you’re making the best choices for your business.
Inventory and Needs
Before deciding on a plan, you should take inventory of your assets to determine what tangible and intangible assets you possess. Tangible assets might include real estate, vehicles, antiques, and other personal belongings.
Intangible assets include savings and checking accounts, stocks and mutual funds, insurance policies, retirement plans, and businesses. Then, estimate their value based on their monetary value or how your heirs will view them.
Once you have an idea of what you’re going to put into your estate, think about how to protect your assets and your family. Consider life insurance and guardianship. Also, review your beneficiaries to ensure that the right people get the right things.
You’re also going to need to give someone power of attorney, but be careful about who you choose. That person can control your financial well-being, including your life. Imposing a limited power of attorney can be a good choice if you’re concerned about it. Also, make sure you understand probate in Ontario and the costs around that.
Conclusion
Nobody likes to think about what happens once they die, but it’s crucial for your living family. It’s even more important to consider what will happen to you if you become incapacitated or can’t take care of yourself, your estate, or your family. Involving a family trust lawyer can be an excellent decision.
Other articles from mtltimes.ca – totimes.ca – otttimes.ca
You must be logged in to post a comment.