Everybody has their own reasons for wanting to leave this life with their affairs in order. Some might want to provide for the education of their grandchildren. Others may wish to ensure the survival of their business after they have passed away. Whatever the motivating factor might be, there is a lot to know about wills and estates for residents of York Region, Vaughan and the GTA.
The key for anyone is to simply start the process. There is no point putting off estate planning until an indeterminate time in the future. If one has any assets at all, and especially if one has family, it is important to create at least a basic plan to ensure those assets go to those who will need them should one pass away unexpectedly. Simply having a will ready can greatly reduce the stress on a grieving family.
Beyond the basics, there are many options available for protecting and distributing assets. For example, one may wish to create a trust to provide for a family member either while one is still alive, or after one has passed. Setting up joint ownership of certain assets, such as real property, can provide a seamless transition of ownership in the event of a co-owner's demise. There are often complicated tax and probate ramifications associated with transferring assets, and it is wise to work with someone who understands them so as to best benefit one's heirs.
For most people, thinking about what will become of their assets after they are no longer living is not a pleasant chore. It is, however an important one, and it can give peace of mind knowing one's family will be looked after when the inevitable happens. A lawyer serving York Region, Toronto and the GTA, who has in-depth knowledge of wills and estates in Ontario, may be the best choice to help with this vital task.
Source: The Globe and Mail, "A simple guide to estate planning", Adrian Mastracci, May 29, 2017