Here at SMP Law we believe in keeping things as SiMPle as possible. One key component to keeping things SiMPle is planning ahead. Planning ahead when organizing your estate matters is particularly important to ensure your wishes are followed.
Five things to consider when estate planning:
1) Create a list of your assets – this list should include jewelry, cars, boats, cottages, houses – and decide how you will distribute your assets. Will they go to family members? Friends? Charitable organizations?
2) Ask for assistance on understanding the tax implications and planning properly – RRSP transfers, probate fees and administrative fees etc. are useful to understand when planning your estate.
3) Talk to key family members and friends about your wishes. Decide who you would leave in charge of Power of Attorney of Care to cover your personal decisions for your care. Do you have a preference to be buried or cremated? Do you wish to be an organ donor?
4) MAKE A WILL! This is a crucial step for everyone to consider and yet so many people do not have a will. Remember that without a will, your estate does not automatically go to your spouse and children but gets distributed according to the rules of Ontario. All of the above considerations can go directly into your will, making it easier to sort out and less chance of arguments among family members later.
5) Choose an Executor, someone who will carry out the wishes in your will.
Contact us anytime at SMP Law to help SiMPlify your legal matter at 905-270-0073 or email firstname.lastname@example.org if you have any questions or would like to book an appointment to meet and discuss your situation and how we can help.