Estate planning ontario checklist4/19/2024 ![]() This is especially important if you and your partner are not formally married: common-law spouses do not necessarily have the same property rights as legally married spouses.įor a will to be effective, it needs to clearly indicate your wishes, be readily found, and be easily verified by the courts (known as probate, but more on that later). Die without a will-known as “dying intestate”-and the government gets to decide who your beneficiaries are and how your assets will be divvied up. “It’s the cornerstone of your estate plan,” says Julie Barsel, family and estate lawyer with English Bay Law Corporation in Vancouver. The lesson here is that the first and most important step in protecting those you love is to make a will. “Most people don’t realize that your spouse doesn’t automatically inherit your estate,” explains Pascoe. And every year the courts charged their administration fees. Every year, the widow would have to apply for access to that money to pay the bills and care for her growing kids. Since his three children were under the age of six, their portion of the inheritance was placed into a trust that was administered by the court until they turned 18. “The rest was divided equally among his children,” says Pascoe. “His intention was to make a will and leave everything to his wife, but he was tragically killed in a car crash before he could.” When the dust finally settled, the Ontario courts ruled that his wife would only inherit $250,000 from her late husband’s estate. Lawrence Pascoe recalls a relatively wealthy client who married and fathered kids in his early 40s. READ MORE: 9 steps to your estate plan Where there’s a will ![]() By following our guide you’ll not only learn how and why to protect your family, but ensure that your legacy lives on with those you love. We’ve created a list of steps to help you establish a solid estate plan. “Consider estate planning an attempt to eliminate any uncertainties and tough decisions that your loved ones need to make after you die or become incapacitated,” explains Lawrence Pascoe, an Ottawa family and estate lawyer with more than three decades of experience. Unfortunately, the subject can seem intimidating and confusing-and for some it’s simply too morbid to think about. Whether you’re a struggling young parent or a wealthy retiree, every life stage brings challenges when it comes to estate planning. ![]() The Piasentins aren’t alone in worrying about how to protect their family in the event of disability or death. Could the family continue to survive on one salary? Could the Piasentins save for their children’s education while paying down their mortgage and saving for their own retirement? And, God forbid, what if something tragic were to happen to Eddy or Chantelle? ![]() While the announcement of their fifth child was not unwelcome, it was certainly unexpected and the couple was a little apprehensive. She’d just stepped into the dining room holding a drugstore pregnancy test. “It happened again.” These three simple words jolted Eddy Piasentin’s attention away from feeding his four children their lunch and onto Chantelle, his wife. ![]()
0 Comments
Leave a Reply.AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |