4/12/2024 0 Comments Estate planning ontario checklist![]() You can avoid challenges in court when documents are prepared by those who do not have the requisite expertise and experience.įurther, if you do not have a power of attorney, it will be necessary to make an expensive court application pursuant to the provisions of the British Columbia Patients Property Act and have a committee appointed to make financial decisions for you in the event that you cannot make these decisions for yourself if you become physically or mentally incapable.įor example, an ambiguous will may give a disgruntled family member the right to challenge it.Įstate planning is not just for the wealthy it is for everybody. Good estate planning will also include consideration of minimizing taxes payable to Canada Revenue Agency, administrative costs, and probate fees. In addition, you will have a plan in place where others can make decisions relating to financial or health matters when you are prevented from doing so by reason of either mental or physical disability. Not only will you be satisfied that you have sufficient financial resources in place for your retirement, but also you will know that your wishes with respect to the distribution of property after your death are fully taken care of. Having an estate plan will give you peace of mind. ![]() The non-legal component includes reviewing all your financial resources and planning an investment strategy with specialists to ensure that you can live comfortably in retirement. These documents include a will an enduring power of attorney (which deals with financial decisions) a representation agreement (which deals with health decisions) and trusts like an alter-ego trust, joint spousal trust, and family trust. ![]() The legal component includes retaining a lawyer to review your personal and financial circumstances and to have documents executed to ensure that your wishes are carried out. What does an estate plan include?Īn estate plan includes two components – a legal component and a non-legal component. The subject of estate planning may make you want to shudder, but the fact is that we at Kahn Zack Ehrlich Lithwick LLP aim to be good listeners simplify the procedure, and work with you to ensure that your wishes are documented and honoured. The words “estate planning,” “financial planning,” and “retirement planning” often refer to the same thing. For example, if you are unable to manage your affairs due to an accident or an illness, an estate plan can set out who is to make those decisions for you. That property (called an “estate”) can include money, life insurance, pensions, real estate, automobiles, personal belongings, and even debt owing to you.Įstate planning also includes making arrangements so that financial and medical decisions can be made for you when you cannot make those decisions for yourself. Estate planning is the act of preparing for the transfer of your property upon death.
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