When people find out that I specialize in estate planning, they often ask whether everyone needs a Will and Powers of Attorney. My answer is always a resounding ‘yes’.
Wikipedia describes ‘estate planning’ as the “process of anticipating and arranging for the disposal of an estate during your life. [It] typically attempts to eliminate uncertainties over the administration of a probate and maximize the value of the estate by reducing taxes and other expenses.” Although this may sound complicated, with the guidance of a professional who specializes in estate planning, the process can be both informative and interesting. What this definition also doesn’t mention is the immeasurable peace of mind that comes from doing your estate planning.
A large part of estate planning is making sure you have a valid, up-to-date Will and Powers of Attorney. You may be surprised to learn that everyone in Ontario who is 18 or older should have a Will. This is true even if your affairs seem simple, your assets are modest, or you own everything jointly with your spouse.
There are so many benefits to having a Will. Here are but a few:
• You decide who benefits from your estate (if you have dependants at the time of your death however, there are special considerations and possible limits);
• You can give particular possessions to certain individuals;
• You choose who will act as your Executor (also called an Estate Trustee);
• You choose who will be the guardian of children under the age of 18 (at least temporarily) and who will look after their inheritance;
• You decide the age at which children or others are to receive their share;
• You have the ability to make special provisions for a loved one with a disability so any governmental benefits aren’t affected;
• You can explore opportunities for reducing the cost of administering your estate; and,
• You can reduce income taxes, particularly if you die leaving a spouse behind.
Make an appointment to meet with one of our lawyers to review your estate planning. You will be glad you did as nothing compares to the peace of mind which comes with knowing that your estate planning has been done properly and thoroughly and that your loved ones will be well provided for after your death.
Reproduction of this blog is permitted if the author is credited. If you have questions or if you would like more information, please call us at 613 836-9915. This blog is not intended to be legal advice but contains general information. Please consult a lawyer or other professional to determine how the information in this blog might apply to you.
Blog posts pre-dated December 1, 2015 were originally published under Neff Law Office Professional Corporation.
