Many people are growing aware of the will that is a preliminary step in estate planning. In absence of a will, the property gets divided amongst your spouse and children as per the province legislation. This can be unfair at times but that is how the laws work. Hence, in order to avoid any injustice towards the loved ones, people are approaching Law Office of Stephen Offenheim to know more about the regulations pertaining to the estate and wills.
If you wish the wills and estate procedures to be accomplished smoothly, you will have to be careful about 7 things:
The first thing is listing out all the things that you have. It is like a little inventory of your estate. Estate includes everything that you own, be it a home or a vacation condo, the investments like RRIFs, Mutual Funds, pension accounts, automobiles, jewelry, insurance policies etc. You can access the free online calculators to know about the net worth of the estate that you own.
While you are evaluating your estate during the wills and estate planning in Toronto, list down your debts in a new section. Debts can be the loans that you have to settle, mortgages, credits that have to be taken care of. You should neatly list down all the debts and which institutions that they are held in.
Do not forget to include tax while you are planning your estate will. Many people tend to neglect the tax burden. The people with whom you will leave your estate will have to dispose the property tax upon your death. This can be emotionally and financially tragic for some people. Seek a good lawyer to help you with the same.
With a clear picture, you will be a better position to distribute your estate only after settling the debts. You should hire a wills and estate lawyer who will help you structure the will in a proper way. This way you can maximize the value towards a particular recipient while setting up a will.
You can choose to keep your will a secret and ask your lawyer to disclose it upon your death. However, it is best to discuss the will with all the people included and the family members who are excluded from the will. It might be challenging to deal with the disagreements. However, with the assistance from estate lawyers, you will be in a better position to deal with it.
Speak with the professional from the wills and estate planning in Toronto team to help you with the distribution methodology. You will need an executor who will take up the responsibility to execute all the instructions stated in the will. There is no compulsion to choose a person from your family. It is advisable to ask your estate planner to guide you.
Check if there are any disputes over any property. Different accounts information like bank accounts, debit and credit cards, investment policies etc have to be clearly stated. However, a will has to be protected as it holds all the details pertaining to your wealth. You can give the copy just to the executor or share it with your spouse and children in advance.