Estate planning offers peace of mind, ensuring that your wishes are honored and that your loved ones are well-cared for after you’re gone. A well-drafted and current will not only helps distribute your estate efficiently but also minimizes taxes and prevents family disputes.
Statistics show that nearly half of Canadians don’t have a will. Common reasons include:
- Believing they are too young to worry about it.
- Assuming they don’t have enough assets to make it worthwhile.
- Concern over the costs of drafting a will.
Life is unpredictable and important life changes can happen at any age. Regardless of your age, having estate planning documents in place is essential for gaining control over life’s uncertainties. Without a will, your assets will be distributed according to provincial laws, which may not align with your wishes. This could result in your loved ones or supported charities receiving nothing. It could also lead to family disputes and costly estate litigation.
Estate Planning Beyond Asset Distribution
Estate planning isn’t just about dividing assets. It also involves planning for the care of loved ones. If both parents pass away, appointing a guardian for minor children and dependents is crucial. Without this, the court will make the decision for you; it may be a decision which harms your family.
For business owners, business succession planning is vital. A clear succession plan ensures that your business can continue running smoothly in the event of your incapacity or death, preventing legal disputes over your business assets.
Affordable Estate Planning
Contrary to what many believe, the cost of preparing estate planning documents is often much more affordable than expected. By investing in proper estate planning now, you can save your loved ones from navigating a complex, stressful process that could place a heavy financial burden on them.
Power of Attorney and Personal Directives
Provincial law allows you to appoint someone to act on your behalf if you lose the mental capacity to make decisions. This should be done while you still have the capacity. A Personal Directive covers decisions about personal care, health, and lifestyle, while an Enduring Power of Attorney handles financial and business matters. Without these documents in place, your family may need to go through a lengthy, costly court process to appoint a guardian or trustee.
Essential Documents for a Comprehensive Estate Plan
A Will, Personal Directive, and Enduring Power of Attorney are the cornerstone of a solid estate plan. We highly recommend ensuring that all of these documents are in place to protect your future and your loved ones.
Dealing with legal matters while grieving can be overwhelming. You can count on us to provide compassionate and discreet support during difficult times. Contact Merchant Law Group LLP today to learn how we can help with your estate planning needs.