3 Ways an Estate Planning Attorney Can Help You
Posted on: 14 May 2015
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If you are an adult in Canada with any assets or preferences for your final arrangements, it is crucial to write a will. As a legal, binding document, your will allows you the final say in dispersing your assets and by extension, provides for your loved ones long after your death. In addition, it also provides you with the unique opportunity to protect your loved ones from the indignities of going through probate and pleading with a judge to get the money and property they are entitled to.
They Can Assist in Choosing the Right Executor of Your Estate
It is easy to assume that your spouse, best friend or sibling will be able to see to the the administration of the estate and dispersal of your debts and assets, while also verifying that your wishes for a funeral, burial, or cremation are followed. The truth is that doing so is incredibly stressful, regardless of how organized your will is. The same reason you are considering asking that person to do it, is also why it would be challenging for them.
Because they care for you so much, make sure that they will be emotionally and psychologically able to see to your final wishes. Never leave it as a surprise and always be sure that you are both in agreement. If they cannot do what you ask, probate court will have to find someone. .
They Can Make Sure You Can Provide for Minor or Disabled Children and Grandchildren
It is also important to to discuss with your estate planning attorney the possibility of trusts and other financial gifts to minors or individuals who require on-going care through adulthood. For instance, you may want to leave a bulk sum of money on someone's 18th birthday or you could provide staggered amounts of money over several years.
Your attorney will be able to let you know the different tax benefits or penalties your beneficiaries will face.
They Can Take the Burden of Deciding Whether or Not to Remove Life Support or Donate Organs
If you would like to donate any of your organs or your skin when you pass away, you must make those wishes clear. There is a very brief period of time when you die for your organs and skin to be harvested. In addition to telling your friends and family of your preferences and registering to become a donor, your attorney can put them in writing, so there is no confusion.
Then, assuming that the organs are healthy and usable, you can help strangers breathe, see and live as your final act.
In conclusion, it is very important to speak with an attorney like Brown Beattie O'Donovan to plan your estate. Even if you have few assets to leave behind, it is still necessary to put your plans in writing in order to guarantee that they are followed, when the time comes.