The majority of people are aware that when we die, legal procedures must be followed, and that these procedures are often complex, time-consuming, and costly. Although it is possible to decrease or remove many of these obstacles by diligent estate planning, the following is a quick overview of the actual expenses connected with the administration of an estate after death.…
If your intentions as to your estate are not clarified to the extent required by law, you will be intestate. In such cases, the additional costs associated with probating your estate can cause great strain to your survivors. It is always advisable to have a clear, valid will in place, representing your final wishes as your estate, to avoid any…
While not the most pleasant of thoughts, planning your estate is crucial to protecting your family from legal difficulty after you have passed. Most areas of law are mired in red tape, and pages after pages of requirements to ensure validity and enforceability. Because of the potential complications, it is advisable to act sooner rather than later. An improperly arranged…
When it comes to estate planning, perhaps you’ve heard of or considered setting up a trust. If you’re on the fence about it, read below to get a brief description of the ins and outs of setting up a trust. What is a Trust? Trusts are flexible vehicles for holding and passing on your assets. They ensure that your fortune…
When asked if they’ve made estate plans, many people immediately think of a last will and testament or perhaps a trust. However, what they commonly overlook is the importance of having a power of attorney. Although it’s difficult to think about being incapacitated, it’s in your best interest to be prepared for worst case scenarios. You can appoint your partner,…
Previously, we discussed the key considerations when making a will. We also detailed how to handle estate planning and execution amidst the COVID-19 pandemic in this post. However, what happens if you feel that you have been wrongfully disinherited by a testator? A testator is an individual who created a will and has now passed away. Essentially, testators are morally…
The Novel Coronavirus, or COVID-19, outbreak has significantly affected the world in unprecedented ways. Almost every aspect of our daily routines have changed. Many of us are practicing social distancing in addition to self-isolation or self-quarantining at home in hopes of flattening the curve of this pandemic. However, a problem that many Canadians may not be ready to face are…
The “accumulation years”, the time you spend on working and acquiring assets for both your personal and financial future use. During this period, you pursue your interests and donate to charities, own businesses, invest in stocks, and purchase property. Regardless of the type of assets you possess, you will most likely want them protected and deliberately distributed amongst your beneficiaries…