You’d agree when I say that having a solid succession plan in place is a huge responsibility – and a very important one at that.
A succession plan addresses your personal and business goals and determines what happens to your estate and company after your passing. This document should be well-drafted and up to date to alleviate future conflicts of ownership.
A huge part of a succession plan? Your Will! A staggering 56% of Canadian adults do not have a Will, rendering it all the more likely that the administration of their estate or business may not be executed according to their wishes. Don’t fall prey to this statistic, life is unpredictable so plan ahead!
As a succession lawyer in Toronto, I’ve seen countless cases where the person passed away intestate, leaving their family and fortune unsecured. I cannot stress this enough – it is incredibly important to draft a plan ahead of time after consulting with an experienced wills and succession planning lawyer.
Reach Out to a Lawyer – The Tradeoff is Worth It
Why do you need a lawyer? Succession planning is often an intricate procedure that calls for an in-depth understanding of your assets. Asset management goes beyond simply selecting and instructing your successor.
A lawyer helps you take strategic and systematic action that will reduce your estate’s tax liability, make sure your estate doesn’t fall into unintended hands, and assist you in creating an enduring power of attorney. When it comes to your company, you need a sound plan that offers protection and serves as continuity insurance while also taking into account the grooming of your employees.
If you fail to plan, you plan to fail. Timely action is of the utmost importance when the stakes are this high.
Duensing Law has a reputed presence in the GTA. I provide professional legal advice to ensure that your assets, estate and company are financially secure and your wishes are carried out as intended. Contact me today to create a succession plan that leaves nothing to chance.
The First Step – Preparing a Will
This is a crucial step in the process of succession planning. If the estate owner passes away without preparing a Will, their assets will be distributed in accordance with provincial laws; which, bear in mind, might not always be in line with the owner’s wishes and could reap an undesirable effect on their family, estate or business.
Your Wills lawyer will help you prepare the document with current and future risks in mind and advise you on the best course of action.
Estate planning takes into account the seamless transfer of wealth from one generation to the next while balancing family issues and minimizing the tax burden. High net worth individuals, in particular, stand to lose a huge portion of their estate assets by way of income taxes, probate fees and other related fees.
During planning, an assessment of your current tax situation will be conducted to ensure that you fulfill your reporting requirements in a timely and cost-effective manner. Capital gains or income splitting, if applicable, could also be undertaken at this time.
Given the number of factors involved, it’s integral to have quality legal guidance at every step of the way.
A reliable lawyer will work with estate trustees, trust companies, family members and charitable institutions to execute your assets in an efficient manner. Being an executor, administrator or trustee of an estate or trust is a formidable responsibility which many people find themselves unprepared for. I can step in to provide sound legal guidance as precisely and tactfully as possible.
Donating to charities over the years does help you access income tax credits and decrease administration fees on your estate. Whether you establish an endowment trust or distribute life insurance, the tax burden on your estate can be strategically brought down to make the transfer process to your beneficiary all the more seamless.
Estate Dispute Resolution
A loved one’s passing is a time of grief mixed with heightened emotions that understandably put family members on edge. Conflicts might arise that call for the professional touch of a lawyer who has dealt with countless cases in the past.
Duensing Law represents you when resolving estate disputes whether that involves defending the validity of the Will or handling breach of trust matters. My priority is to soothe ruffled feathers, ensure the process is carried out as you intended and keep things moving quickly and seamlessly.
Duensing Law is a Trusted and Experienced Wills and Succession Planning Lawyer
Competent succession planning takes experience. Duensing Law has that experience and uses it to your benefit.
I structure affairs both during my clients’ lifetime and after their death in accordance with their wishes. My priority is to provide practical, sound counsel on how to create a solid succession plan. I also assist in administering the estate as quickly and tactfully as possible so that nothing requires revisiting.
Contact me today at 416-601-4769 to get started on securing your assets and finances.
Kindly note that this content is intended as general information and is not to be construed as legal advice.