Ottawa Will and Estate Lawyers
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Many people don't want to think or discuss the fact that they won't always be around. The thought of this can upset and worry individuals, but the reality is that it is something that needs to be discussed. Without proper planning, there are hosts of problems you can encounter, and without proper planning and consideration, your family could be left to deal with these matters. More than half of respondents, 51%, agreed on a Caring.com survey in 2019 that it was "very important" for all individuals to have a will or a living trust in place just in case. Navigating the path of estate planning can be tricky and confusing for some leading them an estate planning Lawyer, while others feel confident enough to not feel the need for any sort of real estate Lawyer, but some sort of legal help is vital. Let's explore some estate planning tips below, and ways that an estate planning Lawyer or real estate Lawyer can help with this.
Consider your State
It is important to remember that different states have different laws and these laws will trump any plans you make for your estate. It is important to understand the state laws and ensure that they are followed. If not, your family could find themselves in the middle of a nasty legal battle after you are gone. When you reach out to real estate law firms, you can be sure that the Lawyers know the law and are well versed in the in's and out's of the law. They can help best direct you to the proper course of action to ensure that all of your wishes can be carried out once you are no longer here.
Proper Inventory
Everyone knows that it is important to get a proper inventory of your assets when you actively involved in estate planning, but what most people fail to realize is these assets may change over time. This can be especially true if you start planning when you are younger. It is important to revisit all of your assets to make sure they are all accounted for. This helps keep your inventory current and also helps you revisit who is getting what and make necessary changes there if need be.
Consider Taxes
Taxes paid on the estate can become complicated easily. If your estate plans do not include ways to make this step easier, many family members may decide that the hassle involved is not worth it. There are specific taxes that will be attributed to your assets, and your beneficiaries or your executors will be required to pay these. An experienced real estate Lawyer can help you make your way through the complicated road blocks concerning taxes on your estate. Without an experienced professional to help you your family could find themselves frustrated after your death. Considering these tips will not only help with your estate planning, but also show the importance of having an experienced professional by your side throughout this process. While considering these tips consider researching experienced Lawyers in your area. Using all available resources can help you properly plan to give your family one less thing to worry about during an already stressful time.
Frequently Asked Questions
Do I need a will?
We have been married for the last 25 years but don’t have any children. Do we need a will, or would everything just go to the surviving spouse anyway?
Yes, you do need a will. Whenever you don’t have any children, under the statutory distribution scheme for individuals that die without a will, your spouse would receive your entire estate. However, you should still have a will for at least two reasons:
- Appointing an executor of your estate; and
- Making instructions for the distribution of your estate in the event that you’re predeceased by your spouse.
Appointment of an executor of your estate.
The executor named in a will has the legal authority to take possession of all your assets, do your final income tax returns, and deal with banks and government institutions. If you don’t have a will, a court would have to appoint an executor of your estate to deal with any assets that were not jointly owned, as well as any registered investments that did not have a named beneficiary. The process of appointing an executor usually takes few months, so in addition to incurring unnecessary costs, there will be an extended delay during which your spouse will not have access to the assets in your estate. In my experience, some financial institutions will waive a probate requirement if your spouse is the named executor and the only beneficiary of your estate, which could provide your spouse with ready access to some assets shortly after your death.
Distribution of your estate if you survive your spouse.
By having a will in place, you will make sure that your estate is distributed the way you want it to be in the event that your spouse passes away shortly before you, or in the event that you are unable to make a will after your spouse’s death. Under the statutory distribution scheme, if you don’t have a spouse nor children, your estate would go to your parents. Alternatively, if your parents are deceased, your estate would go to your siblings. This may not be your wish. For example you might want to leave part of your estate to your spouse’s family, or you may wish to skip your parents and siblings and distribute the estate among your and your spouse’s nieces and nephews, or make gifts to a charity or charities. No matter which option you choose, having a will can provide the peace of mind of knowing that your estate will be distributed according to your wishes.
I'm married without children, do I need a will?
We have been married for the last 25 years but don’t have any children. Do we need a will, or would everything just go to the surviving spouse anyway?
Yes, you do need a will. Whenever you don’t have any children, under the statutory distribution scheme for individuals that die without a will, your spouse would receive your entire estate. However, you should still have a will for at least two reasons:
- Appointing an executor of your estate; and
- Making instructions for the distribution of your estate in the event that you’re predeceased by your spouse.
Appointment of an executor of your estate.
The executor named in a will has the legal authority to take possession of all your assets, do your final income tax returns, and deal with banks and government institutions. If you don’t have a will, a court would have to appoint an executor of your estate to deal with any assets that were not jointly owned, as well as any registered investments that did not have a named beneficiary. The process of appointing an executor usually takes few months, so in addition to incurring unnecessary costs, there will be an extended delay during which your spouse will not have access to the assets in your estate. In my experience, some financial institutions will waive a probate requirement if your spouse is the named executor and the only beneficiary of your estate, which could provide your spouse with ready access to some assets shortly after your death.
Distribution of your estate if you survive your spouse.
By having a will in place, you will make sure that your estate is distributed the way you want it to be in the event that your spouse passes away shortly before you, or in the event that you are unable to make a will after your spouse’s death. Under the statutory distribution scheme, if you don’t have a spouse nor children, your estate would go to your parents. Alternatively, if your parents are deceased, your estate would go to your siblings. This may not be your wish. For example you might want to leave part of your estate to your spouse’s family, or you may wish to skip your parents and siblings and distribute the estate among your and your spouse’s nieces and nephews, or make gifts to a charity or charities. No matter which option you choose, having a will can provide the peace of mind of knowing that your estate will be distributed according to your wishes.
Wills - How are they validated? Can I hand write my own?
I made my own hand-written will few years ago. I believe it’s valid and truly reflects my wishes, however my financial advisor told me I should get a proper will drafted by a Lawyer. Why should I do that?
Wills are legal documents that will dictate the distribution of assets after one’s passing and there are many reasons why wills should be prepared by a Lawyer specializing in this area of law.
Formal validity For wills to be valid and legally binding they have to be executed (signed) according to legal requirements. A Lawyer preparing your will would ensure that the document is executed properly and therefore legally valid and binding.
Comprehensiveness A Lawyer can make sure your will deals with all important matters, such as appointment of executor(s) and alternate executor(s), distribution of your assets, appointment of custodians and guardians for your children and setting up trusts for minor beneficiaries. Your Lawyer will also ensure your will gives executors enough powers to properly and efficiently administer your estate and follow your testamentary wishes.
Reflecting all your legal obligation
Under the law you are obliged to provide for your spouse and your dependents. Your Lawyer can advise you of your obligations to such persons.
Clarity of language
A properly drafted will should use language that is clear and precise in order to prevent any issues with interpreting your instructions contained in the document. Your Lawyer will make sure that proper language is being used to avoid any ambiguities and clearly reflect your intentions.
Preventing future challenges to your will
Having a Lawyer draft your will significantly reduces any risk of future legal challenge to its validity based on your legal capacity or any undue influence. When your legal capacity might be an issue, your Lawyer will gather and keep all the required evidence to prove you had the necessary legal capacity to make a will. He or she will also ensure there is no undue influence from any individuals, including family members that would affect any of the provisions of your will.
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