Estate planning is an essential part of securing your legacy, and protecting your valuable assets and property.
While it may not be a top priority for many people, having an up-to-date will and estate plan ensures that your assets are distributed according to your wishes and without excessive tax, legal challenges and family strife.
Without a will, when you die your estate will be handled and distributed according to provincial legislation, in accordance with a formula. The division of property formula in provincial law is not a one-size-fits-all, and obviously cannot predict your wishes. Rather, it contains fairly rigid directions for how your property should be distributed, depending on who you are survived by. In addition, provisions for children under the age of 18 are often not idea – the Ministry of Children and Youth Services will be responsible for choosing a guardian, but this may not be your first choice.
A watertight estate plan, on the other hand, provides security and certainty for your family, and peace of mind for you.
There are many elements to an estate plan, and our team can assist you all with the following:
- Powers of attorney
- Guardianship applications
- Asset protection
- Bequests and gifts
If you want to discuss your own estate plan, contact our Estate Law Group.