Taking the time to clearly define the plans for your estate is an important step for making sure that your assets pass on to your loved ones exactly according to your wishes and without any complications.
Unfortunately, unexpected tragedies and a lack of planning ahead still leave many families in the lurch every year. Without a clear estate plan, drawn up with the assistance of an estate planning lawyer, the process becomes murky and it isn’t completely certain that your final wishes will be adhered to.
Planning for the Future
Nobody likes to think about their own mortality, but as the saying goes, “in life only two things are certain: death and taxes”. Failing to plan ahead puts your family and loved ones at risk of having to go through major legal complications – or, even worse, not getting what you wished they received.
There are many myths surrounding how an estate is divided if there is a sudden death but no will. One of these myths is that your estate automatically transfers to the government. In fact, the courts become involved and look to your next of kin. Where you have a spouse, he or she receives your entire estate.
In cases where a person has been in a bitter divorce or has a troubled relationship with a former spouse or family member, the courts may still determine to give that person a portion, or all, of the estate.
Protecting Against Mistakes
Ultimately, making a mistake while planning an estate can have severe consequences on how the assets are distributed. Even a minor misunderstanding, ambiguously worded intent or missing signature can cause the original plan to be compromised.
For this reason, it is best to go through the process with the assistance of a lawyer who can give thorough feedback on the consequences of the wording of the will. By paying extra attention when crafting the will, all errors or ambiguity will be eliminated.
Regular Reviews and Updates
A will should be reviewed and updated from time to time so that it is up to date to accurately reflect your wishes. Reviewing your will is especially important if you experience a significant event in your life, such as a marriage or divorce, if a child or grandchild is born, or if your income changes considerably.
The process of preparing a will to protect your estate may seem complicated – and for this reason it’s always easy to put it off until tomorrow. However, with the help of an estate planning lawyer in Newmarket, Richmond Hill, Barrie or Aurora, you can get all your documentation in order so that you have the peace of mind that your loved ones are protected and safe.