ESTATE PLANNING CHECKLIST FOR ATTORNEY FREE

Joint ownerships can be a great way to minimize probate fees and are typically considered a popular estate-planning strategy. This is another reason we recommend you obtain legal guidance from a wills and estates lawyer to help make this decision. Trusts are also used to transfer assets and ensure your beneficiaries are cared for and there are some tax implications to consider as well. We recommend you speak with a wills and estates lawyer to see which option fits your unique situation. Whether you set up a testamentary trust (established after you pass on) or a inter vivos trust (set up while you’re alive) – they don’t necessarily fit every situation. Trusts can be a great way for providing income for your family and loved ones down the road. When choosing guardians for children – remember that your selected guardians and trustees may have duties until the children reach 18 years of age. We recommend your representatives are people who you trust to make decisions on your behalf as well as execute your last wishes in the manner that you desire. Firstly, speak with your preferred representatives and obtain their consent to make sure they are okay with being your representatives after you pass on. In an effort to minimize conflicts after you pass on – we recommend you appoint representatives, powers of attorney, executors and trustees for your estate and be very thoughtful in who you appoint for these roles. In your itemized list – we recommend you also consider who your beneficiaries will be for all assets and accounts including your RRSPs, RRIFs, RESPs, DPSPs, pension plans and any life insurance policies you may have. Before preparing your will, make an itemized list of all your assets and liabilities and remember to consider tax positions on the disposition of all your assets.

The costs associated with settling your estate in a situation like this are also higher than if you had prepared a will in advance. If an individual passes on without having a will, their assets could be distributed according to provincial legislation. The first item on your estate planning checklist is to get your will in order.

Getting Started: Itemize Your Assets and Liabilities and Get Your Will In Order.

We recommend you consult with one of our Richmond Hill wills and estates lawyers or estate litigation lawyers for all your estate planning needs. For your convenience we have prepared a checklist for you but we must emphasize this is not an exhaustive list of things to consider and is instead intended to be a rudimentary checklist. However, there are many things to consider when preparing an estate plan and this is something an experienced wills and estate lawyer can assist with.

ESTATE PLANNING CHECKLIST FOR ATTORNEY FREE

The Government of Canada offers a free estate planning checklist online. Having a will and estate plan prepared in advance can save you and your loved ones a lot of hassle after you pass on.

Estate planning checklist for attorney