Many individuals delay the execution of, or never execute, a will or other testamentary instrument. In the event an individual dies without a written will, the courts have the right to determine not only who will administer an estate, but also who will be entitled to the deceased’s assets.
Estate planning also becomes important to individuals and business owners as they can properly structure their affairs to minimize tax burdens maximize asset protection and reduce legal costs. As part of such comprehensive planning, they may also designate alternate decision makers for their own personal or property care later in life.
If you have created wealth and assets, it is prudent to draft a will for the following reasons:
You should review and update your will regularly with changing circumstances in your life.
The laws regarding Wills, Estates and Trusts can be complex and challenging for the layman to understand. That’s why having a qualified legal professional prepare estate planning documents including a will, powers of attorney, trusts and other testamentary instruments can help avoid problems and ensure that taxes are minimized or in some cases avoided on death.
The Lawyers at Mackesy Smye offer in-depth legal services for all estate law matters. The firm’s work goes beyond estate planning to include estate administration, probate and estate litigation. The firm’s goal is to provide clients in the Greater Hamilton-Toronto area with the satisfaction of knowing their legal advisers are trustworthy, highly competent and able to execute on the full range of estates issues that arise in Ontario.
At Mackesy Smye, we provide a variety of solutions to all of your concerns. Our lawyers are experienced to help you find effective solutions to your estate planning concerns. We will help you understand your options and develop an estate plan that meets your needs and the needs of your family into the future.
Book a free, confidential consultation with Mackesy Smye by simply filling in this secure online contact form or contacting us at 1-905-525-2341 today.
Having experts guide you through the planning of your post-death estate issues will help put your mind at ease. Proper estate planning allows you to have control over your assets and affairs. This article provides a in-depth look at why estate planning is so important - click to read more.Read Article
Dependent Support with a Will in Place - If you have a will in place and you are supporting your spouse and dependent children at the time of your death, support probably continues for them.Read Article
A living will, also known as an advance directive, is simply a document that lets people state their wishes for physical care in case they become permanently ill, unconscious, or require emergency medical attention. You can include your “living will” or “advance directive” as part of your Power of Attorney for Personal Care.Read Article
In Wills and Estate planning, the transfer of assets and gifts often becomes an area of dispute. A common estate planning technique is to transfer assets into joint ownership. While the intention of such transfers may be to avoid probate fees, the transferor must also consider some legal consequences to avoid unintended results at a later stage.Read Article
Recent studies confirm that as many as 50% of Canadians don’t have a will. Writing a Will is a task that very few are willing to consider. At the same time, we should remember that life can be unpredictable and anything can happen to anyone, anytime.Read Article
After the death of a loved one, there are many practical and legal matters that must be attended to during the period of grief.Read Article