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 entails deciding how a person's possessions will be kept, managed, and distributed after they pass away. It also considers how an individual's property and financial obligations will be managed in the event that they become disabled.

Houses, automobiles, stocks, artwork, life insurance, pensions, and debt are some of the assets that might make up an individual's estate. Individuals create estates for a variety of reasons, including maintaining family wealth, caring for a surviving spouse and children, supporting children's or grandchildren's education, or leaving a philanthropic legacy.

Writing a will is the most basic step in estate planning. The following are some more important estate planning tasks:

  • Establishing a guardian for live dependents
  • Limiting estate taxes by establishing trust accounts in the names of beneficiaries
  • Creating or amending beneficiaries on life insurance, IRAs, and 401(k)s
  • Naming an executor of the estate to manage the terms of the will
  • establishing annual gifts to qualified charity and non-profit organisations to minimise the taxable estate
  • establishing a durable power of attorney (POA) to direct other assets and investments

How to Make a Will

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. The document describes the individual's preferences and specifies a trustee or executor whom they trust to carry out their stated intentions. The will also specifies whether a trust should be established following the death of the testator. A trust can be established during the estate owner's lifetime (living trust) or after their death (death trust), depending on their intentions (testamentary trust).

A legal process called as probate is used to determine the validity of a will. The first stage in administering a deceased person's estate and distributing assets to beneficiaries is to file for probate. When a person dies, the will's custodian must deliver the will to the probate court or the executor appointed in the will within 30 days of the testator's death.

The probate process is a court-supervised method in which the validity of the deceased's will is established and recognised as his or her true last testament. The executor specified in the will is legally appointed by the court, which gives the executor legal authority to act on behalf of the deceased.

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