When Should You Start Estate Planning?

Per Caring.com’s survey in 2020, nearly 30% of people believe that a will should be put in place before 35 years of age. People tend to spend more time planning outings and vacations than how their assets will be handled once they are gone. Estate planning may not be fun to think about but it is necessary. Without any type of planning in place, you have no choice how your belongings, assets, heirlooms, property or anything else gets distributed once you pass away. The biggest misconception about this type of planning is that it is only for the rich. Settling your affairs has an impact on your family and loved ones whether you have valuable art, a pricey home or a large stock portfolio.

You Need an Estate Planning Lawyer

There are many benefits when it comes to speaking with an estate planning attorney. A wills and estates lawyer Ottawa can explain all of the advantages that can save you and your family from the devastating consequences of not having an estate plan in place. This is especially true when it comes to your heirs. No one is promised a long life. That’s why you must do everything you can to protect your family, especially if you have young children by speaking with an estate planning lawyer.An estate planning lawyer Ottawa can direct you in planning an estate or will so you have a plan in place for the unthinkable. Ensure that your kids are cared for after you’re gone in a manner that you approve. You can name guardians for your children if something happens to both parents. This is specifically for children under the age of 18. If you do not have a will in place, the courts will decide what happens to your kids. Make sure you know who will be raising your loved ones after you are gone.

It’s Recommended All Families Have Estate Planning in Place

An estate planning lawyer is prepared to assist people who want to protect their beneficiaries. Planning isn’t just for people of high net worth. Many families that are middle-class need to have a plan in place just in case something happens to the head of the family. Perhaps you have done well in regards to purchasing real estate or in the stock market. You want to be able to pass assets along to your heirs without any legal hassle. Do you have a second home? An estate planning lawyer can help you decide who you want to leave your property and real estate to once you pass away. After the fact, you won’t have the control to make sure your property goes to your beneficiaries.

The main aspect of estate planning is designating your heirs. An estate planning lawyer Kanata can direct you concerning every aspect of preparing an estate plan and will. Otherwise, your property and assets could be tied up in probate for years, things will get ugly, the courts will decide who gets assets, and fees are racked up. Do you want the courts to decide which family member is more responsible when they don’t even know your family? They have no idea who should or shouldn’t have access to cash either. You also cannot depend on courts to rule in favor of a surviving spouse. Hire an estate planning lawyer to ensure your family does not have to deal with any of the negative effects.

Eliminate Family Mishaps

You’ve heard the horror stories of families fighting over assets and money after a family member passes. This happens a lot when families are at war with one another. Perhaps a sibling believes they deserve more than their other siblings. Maybe one of your surviving heirs believes they should be in charge of it all including finances and asset distributions. Estate planning puts a stop to this type of squabbling, which tends to get very ugly in court. Your estate planning lawyer is ready to assist you before any trouble can begin.

Frequently Asked Questions

Dementia - What to do with regards to her will and powers of attorney?

My elderly mother was diagnosed with dementia a few months ago. She is rapidly deteriorating. She does not have signed powers of attorney documents. I have three other siblings. We need to sell her house and get access to her finances to pay her bills. What do we have to do?

Lawyer under power of attorney

‍Depending on your mother’s current mental capacity she might still be able to appoint an Lawyer under power of attorney for property or personal care. In order to determine whether you mother still has a mental capacity to execute power of attorney documents she will have to undergo a capacity assessment performed by a specially trained health care professional. If the capacity assessment finds that your mother has capacity to appoint an Lawyer under powers of attorney, she can visit a Lawyer to help her prepare and sign powers of attorney documents.

‍Guardianship

‍If your mother does not have the mental capacity to appoint an Lawyer, you and your siblings can apply to be appointed Guardians of Property for your mother. There are two ways this can be achieved: by applying to the Office of the Public Guardian and Trustee or making an application to the Court. The less costly and simpler way is to apply to the Office of the Public Guardian and Trustee. The process of applying and the application forms can be found on their website. In order to be able to apply to the Office of the Public Guardian and Trustee, you and your siblings would have to agree on whom to appoint as Guardian. In the event you and your siblings cannot agree on the appointment, someone will have to apply to the Court to be appointed Guardian for your mother.

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.

Do I need a lawyer to get a will and powers of attorney?

Your last will does not have to be drafted or signed by a Lawyer. However, a will is a legal document that will determine who will have control of your estate and how it is going to be distributed. There are certain legal requirements that have to be met for the will to be valid. As such it is very important that your will is drafted, signed and witnessed properly.

‍How can a Lawyer help?

‍A Lawyer will ask you right questions to help you determine how to distribute your estate while taking into consideration various contingencies and scenarios that might be in place at the time of your passing. She will discuss with you legal clauses that you might want to include in your will, such as a beneficiary designation for your RRSP and insurance policies, expressing your wishes in regards to the custody of your minor children or confirming compensation for the executor. Your Lawyer will also talk to you about the powers that you want to give to your executor in addition to the powers he would have under current legal framework or limits that you want put on such powers. She will properly draft your will and will try to help you understand all the legal clauses and legalities contained in a will. Your Lawyer will also make sure that your new will revokes all your previous wills or other testamentary documents. Most importantly, your Lawyer will also make sure that your will is properly signed and witnessed.

Your last will is an important legal document and you should retain a professional to help you with its preparation and execution. Seeking and using such help will give you peace of mind knowing that your affairs are in order and make sure that your will reflects all your wishes.