What is an estate plan?
An estate plan is a set of legal documents that outline what will happen to your assets and dependents after you pass away. An estate plan can include a will, power of attorney for property, and healthcare power of attorney, among other documents. It is crucial to have an estate plan in place no matter your age or wealth, as it can help save your loved one’s time, money, and stress during an already difficult time.
At Orcus Law, our team of experienced estate lawyers in Mississauga can help you with comprehensive estate planning, estate administration, power of attorney for property, family law wills, trusts & probates to help you meet your needs.
- Get the support you need to protect your assets and plan for your future.
- Write your will at your time and place
- Now it’s quick easy and hassle-free.
Who needs an estate plan?
Every adult should have an estate plan in place. It is especially important for those with significant assets or a complicated family situation to have a comprehensive estate plan in place. However, it is important for everyone to have a plan in place to protect their loved ones in case of the unexpected. Not sure which estate plan is the right one for you? Let our Mississauga estate planning lawyers guide you in creating the perfect plan.
Who needs a power of attorney for property?
It’s important for every adult to have a power of attorney for property in case they become incapacitated and unable to manage their finances. This can save you and your loved ones time, money, and stress by avoiding the need for a costly and complex court process to appoint a guardian.
Who needs a will?
While most adults should have a will, there are some circumstances where it may not be necessary. For example, if you have simple affairs (such as being married with no children from previous relationships) and you have properly planned for joint ownership of your assets and designated beneficiaries, a will may not be necessary.
However, if you have a blended family, are in a common law relationship, or have recently separated from your spouse, it’s important to have a will in place to ensure that your wishes are carried out after you pass away.
Considerations for Estate Planning:
There are many factors to consider when creating an estate plan. For example, is joint ownership of a house or bank account a simple solution?
While it may seem like an easy way to ensure that your assets are transferred to your loved ones after you pass away, joint ownership can actually create more problems than it solves. It’s important to get qualified legal advice before making these decisions. You should also consider your beneficiary designations on various assets, as these can have a significant impact on your overall estate plan. Get personalized will and estate planning advice from our Mississauga probate lawyers.
Simple Joint Ownership of Property - Not So Simple After All
Joint ownership of property may seem like a simple and convenient solution for transferring assets to loved ones after you pass away. However, it’s important to be aware that joint ownership can create additional complexities and may not be the best solution for everyone.
For example, if you hold joint ownership of a property with someone else and one of you passes away, the surviving owner automatically becomes the sole owner of the property. This can be problematic if the surviving owner doesn’t have the same intentions or plans for the property as the deceased owner did.
Additionally, if the surviving owner gets into financial trouble or becomes incapacitated, the property may be at risk. It’s also important to be aware that joint ownership can have tax implications. For example, if you hold joint ownership of a property with someone who is not your spouse, you may be subject to a higher rate of property tax.
At Orcus Law, our team of estate planning lawyers in Mississauga can help you weigh the pros and cons of joint ownership and determine if it’s the right solution for you. It’s important to get qualified legal advice before making any decisions about joint ownership of property.
What if You Change Your Mind?
It’s important to review your estate plan regularly to ensure that it reflects your current wishes and circumstances. If you need to make changes, it’s important to work with an estate planning attorney to ensure that your documents are amended correctly. There are many things that could change your mind about your estate planning: such as significant life changes, estate law updates that might impact your plan, or even incorrectly executed documents.
How to Create an Estate Plan?
The process of creating an estate plan can be overwhelming, but it’s important to take it one step at a time. The first step is to gather all of your important documents and information, such as your will, insurance policies, and financial statements. Next, consider your goals and wishes for your estate.
Do you want to provide for your family, make charitable donations, or ensure that your business continues after you pass away? Once you have a clear understanding of your goals, you can work with our experienced estate planning lawyers in Mississauga to create a plan that meets your needs. If you stay in the Province of Ontario, Orcus Law can help you navigate the process of creating an estate plan and ensure that your documents are valid and enforceable. We specialize in estate law, estate litigation, estate administration, estate planning, wills, trusts, power of attorney, power of attorney for property, guardianships, capacity, succession planning, inheritance planning, probate and incapacity, estates, and more.