One of the most uncomfortable conversations you can have with your family members is the subject of wills and estate planning. It’s a very important and beneficial discussion to have because it can determine the financial stability for your family’s next generation and the assets you’re leaving behind. Moreover, it gives the person more assurance once they pass on.
A will planning lawyer in Toronto will help create and share your estate plan with your family members accordingly. They will help you execute your will after your passing, establish Continuing Power of Attorney and Power of Attorney for Personal Care, and so much more.
At Duensing Law, experienced lawyer Matthias Duensing provides legal services in the areas of wills and succession planning, trusts, estate planning, and real estate. He and his team will help in creating your final will, powers of attorney, and related financial trusts. Matthias Duensing will also advise estate trustees on aspects of the estate administration process and probate.
Having a conversation with your family about your estate planning is crucial to ensuring everyone is taken care of after your passing. With the assistance of a lawyer, here are some factors to consider when sharing and creating your estate plan with the people you trust.
What Does Estate Planning in Canada Involve?
Estate planning is created with the benefit and well-being of the people you most love and care about. Discussing final wills and the distribution of your estate assets prepares everyone for the inevitable and addresses some hard questions from different family members. Estate planning typically involves sitting down with your close beneficiaries to provide a clear understanding of your final will’s impact and other estate planning decisions.
The process can be done with the help of a professional lawyer or personal representative who has the authority and responsibility to distribute your assets. They will assist in determining who you share details of your estate planning with and exclude anyone you don’t fully trust. Another step in the estate planning discussion is preparing what you want to say to your beneficiaries, in order to avoid any misunderstandings among your family. Think about any tough questions you will need to provide clear answers for, as being open and transparent can make the process easier.
Estate planning can be a complicated process to go through, but a will and succession planning lawyer can provide meaningful assistance to prepare you for any situation. That also includes the organization and safe storage of your estate planning documents.
What Are The Most Important Estate Planning Documents?
The most important estate planning documents are often family records that are protected by a lawyer or main executor. These documents will serve as the framework to gather all your estate’s assets and distribute them to the right people accordingly. Keeping account of records and documents with critical information will ensure the estate planning process goes smoothly for everyone involved.
Some of the important estate planning documents should have contacts with people such as family members and professionals like doctors, accountants, lawyers, and investment advisors as a few examples. Another document to have is a full list of your assets, such as bank and investment accounts, retirement, pension plans, insurance, real estate, and personal property like art, jewelry, and other valuables or collectibles.
You and your lawyer should also keep a list of your estate’s total liabilities. Some examples of this include mortgages, loans, lines of credit, and credit cards to keep track of any outstanding debts after your passing. Any passwords to your personal computer, cell phone, online accounts, and related digital accounts should also be recorded to ensure easy access afterwards.
Without any of this critical information and documents, your lawyer and family members may be left in the dark during a difficult time. That’s why it’s important to periodically review your written wills and Powers of Attorney to ensure they are updated, accurate, and reflect your current intentions. If your circumstances change, adjustments will need to be made on your estate planning documents. Some changes may include family dynamics like births, deaths, marriage, separation, or divorce, as well as your current financial situation.
You should also let your lawyers for property and personal care know where these important estate planning documents are stored and prepare extra copies for review if necessary. At a minimum, they should be made aware of their existence in order to keep everything in order.
Do I Need A Lawyer To Make A Will & Share My Estate Plan?
Having the services of a reliable wills and succession planning lawyer is strongly recommended for your estate planning needs. They have the knowledge and experience in properly distributing your estate’s assets based on your last wishes, as well as facilitating discussions to avoid misunderstandings among family members. Moreover, these lawyers will help structure your affairs during your lifetime and after your death to ensure your estate is kept in order.
Contact Matthias Duensing at 416-601-4769 if you are in need of estate planning assistance and legal counsel for your personal and financial assets. Work with us now to begin settling your final affairs with your loved ones.