Will And Estate Planning
Why Do You Need A Will?
In a will, you specify how your Estate should be divided after you die. The last Will is among the legal documents you will use to document your estate plan. When you die, your Will takes effect. After you pass away, it provides instructions on managing your assets, including payments to beneficiaries. Professional legal help is recommended when making a will. Doing this will ensure that all your documents are correctly prepared and witnessed. Estate planning involves creating and updating your Will, naming your estate representative and planning for your funeral. Regularly update your Will. It is essential to review the document regularly. Be sure that it reflects your current financial situation and wishes.
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Planning your Estate means determining how your assets are to be dealt with and distributed when you die, as well as if you lose mental capacity. In the long run, an effective estate plan can reduce your tax burden after death and benefit your surviving family members. Organizing an estate plan involves tax-efficiently transferring your assets to specific beneficiaries or charities. In addition, it specifies who will act as your executor, manage your Estate, and serve as a guardian for minors. Your estate plan will change over time as your personal and business circumstances change.
Individuals should seek advice on estate planning regardless of their financial situation. We can assist you with structuring your estate plan and developing asset protection strategies.
- Would you like to leave a legacy for someone after your death?
- What are your assets, and how do you want them divided or allocated?
- Who is your primary beneficiary? Who would be the next person to inherit from that heir in the event that he or she died?
- If your children are minors, who would you want to be their guardians? Does that person consent to be the guardian?
- Who would make decisions on your behalf if you were incapacitated by illness or injury?
Choose A Representative For Your Estate.
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The person you choose to manage your Estate after your death is an estate representative. The estate representative is responsible for administering the Estate of a deceased person.
Estate representatives are also known as executors, trustees, and liquidators.
The estate representative can be more than one person. Estate representatives follow the instructions you left in your Will.
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Assigning Power Of Attorney
Planning for medical incapacity is a critical aspect of an estate plan. In this case, power of attorney plays a crucial role.
The attorney will make decisions about an injured individual's property, finances, personal life, and medical care if they are incapable of managing their affairs. Unlike wills, powers of attorney go into effect immediately.
In Canada, two types of powers of attorney are commonly used to handle finances and property.
A general power of attorney empowers your attorney with authority over some or all of your financial and property affairs. In case of mental incapacitation, it will end.
An enduring or continuing power of attorney allows your attorney to continue managing your finances and property if you become mentally incapacitated.
People who pass away without a will are called intestates, and their assets are distributed according to provincial law. Despite sharing your intentions with family members, your wishes might not be fulfilled without a will.
- There may be significant differences between what you intend for your assets to be divided after death and what actually happens. A will dramatically reduce the possibility of family disputes. Your beneficiaries or the person administering your Estate cannot be selected without a will.
- In addition to delays in resolving an estate, failing to have a will can lead to higher taxes and administration costs. It leaves less for your beneficiaries and more for the government and lawyers.
- Estate planning aims to determine how an individual's assets will be managed, preserved, and distributed after they die or become incapacitated.
- Making a will, setting up trusts or donating to charity can reduce estate taxes. Naming an executor and beneficiaries and arranging funeral arrangements are all part of planning.
- The Will specifies how property and custody of minor children, if any, should be handled after the decedent's death.
- There are various strategies to limit estate taxes, from trusts to charitable donations.
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