Your estate is the total of your obligations, assets, and cumulative inheritance at the time of death. Estate planning is the process of creating a plan to manage your assets. In layman’s terms, estate planning is the defined version of your will, with detailed reports of everything.
We often don’t put much emphasis on estate planning which later turns out to be a fatal decision. There are many benefits of creating will & estate planning, some of those are-
- Ensure that the right people get the benefits of your estates
- The family is well taken care off after one’s demise
- In Canada, one won’t be able to reap tax-saving benefits without estate planning
- Estate plan will save a lot of court visits, negotiations & disputes among family members
Canadian Estate Planning Pathway
Estate planning can be an overwhelming & confusing process so people often rely on wills & estate planning lawyers for guidance. The first step of Canadian Guide to Will and Estate Planning is to segregate the estate planning process into 3-4 steps to streamline your approach.
- Identify the Beneficiaries
Identify the people who will be a part of your estate planning & they will receive a portion of assets & liabilities. It is a completely personal choice and should not be influenced by others. The Estate planning & wills benefactors can be your kids, spouses, parents, relatives & others. - Find People for Various Roles
Always be careful when you choose a person as an Executor for your will. They are the ones who will get detailed information about the terms & conditions, clauses, implications etc that you have laid along with your lawyer.
Executors are responsible for implementing the wishes in your will & distributing the funds to your beneficiarios. Usually, people choose spouses to be their Executor.
Pro Tip: To avoid tax implications on non-residents, choose a Canadian citizen of sane mind & who can read and write.
Other than executor, you will need a custodian/guardian in case you have a minor, Emergency representative who will be responsible for taking major estate planning decisions if you are unable to take such a decision due to mental condition. Witnesses are also a must for estate planning & will. You can also take the help of legal advisors who can introduce you to the Canadian estate planning & wills law. - The Will & Estate Plan Needs to be Legal
You need to ensure that your will is legal in Canada, so that your beneficiarios can reap the benefits of the will & estate plan. To make a will legal in Ontario, Canada, you need to have a hard copy of the will & sign it in front of the witnesses.
Do I need a Lawyer for Will & Estate Planning In Canada?
Even though hiring a lawyer is not a mandate while drafting a will, it’s always better to hire one to avoid any blunders in the future. It also depends on the complexities of family relationships & your assets. Usually, people with multiple properties & a number of beneficiaries hire a legal advisor for seamless Estate planning & wills drafting and execution.
You can reach out to Balance Law in Niagara Falls, Ontario for legal assistance in estate planning & wills drafting. We have over a decade of experience & have helped people across Canada in drafting & execution of their will.