I will pick up where I left off in my last blog and continue discussing the importance and advantages of proper estate planning.
Proper estate planning also allows you to plan appropriately for children under the age of 18, such as appointing guardians and deciding who should look after their assets. To ensure your young children do not receive their inheritance at age 18, you could include trusts so that a child’s share can be held to a later age when the child is more financially responsible. Similarly, you can make special provisions for beneficiaries with disabilities such as including special trusts which takes into account government benefits ensuring these are not lost.
Estate planning also allows you to:
· choose your Executor. If you die intestate, the Executor may not be who you would have chosen. Worse yet, no one can deal with your assets until an Executor is appointed by the Court;
· give specific articles or cash gifts to certain persons and/or charities;
· ensure flexibility in the administration of your estate;
· reduce the cost of administering your estate; and,
· allow for tax planning that could reduce income taxes.
Holographic Wills (one that is entirely in your own handwriting) and standard Will forms sold in stationary stores are, in our experience, often completed incorrectly and could be invalid. These self-made documents provide a false sense of security and frequently create costly problems after you die. The result can be expensive legal bills paid by your estate should your heirs be forced to ask a Court to determine exactly what you wanted done with your estate.
Be proactive and get excited about your estate planning! Think of it as a new learning opportunity through which immeasurable peace of mind will be gained. I encourage you to seek the advice and assistance of a lawyer who practices in the area of wills and estates.
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.
