What Is Estate Planning and How Does It Work?
Estate planning Ontario is the process of preparing duties to handle a person's assets in the case of their incapacity or death. The gift of assets to heirs and the settlement of estate taxes are all part of the preparation. The majority of estate plans are created with the assistance of an estate law practitioner. TAKEAWAYS IMPORTANT Estate planning entails deciding how a person's assets will be kept, managed, and distributed after they die or become incompetent. Making a will, establishing trusts, and/or arranging charitable gifts to reduce inheritance taxes, naming an executor and beneficiaries, and making funeral arrangements are all examples of planning responsibilities. A will is a legal document that specifies how an individual's property and, if applicable, custody of minor children should be handled after death. Various tactics, such as trusts and charity gifts, can be used to reduce estate taxes. Getting to Know Estate Planning Estate planning attorney Ontario