Death is the last of all things you want to think about. In fact, nobody in this world likes to think about it. But just like taxation, death too is unavoidable and will occur to everybody at some point of time. Thus, if wish to lay out a plan as to what will happen to all your assets after your death, and if you wish to make certain provisions for your loved ones, then it’s important that you have a valid and updated will. A Renowned Law firm Mississauga is the ideal places for local residents to get some legal advice pertaining to will drafting.
However before designing your will, consider the following important points:
- Your property – Create a list of everything that you own and its present worth. Include your home, weekend homes, holiday homes, money in all bank accounts, pensions, shares, insurance policies and other valuables that you have ownership of. In divorce case, divorce lawyers Mississauga will manage your property distribution.
- Providing for your loved ones – Whom would you like to bequeath your property to? Make sure that you have made a proper provision for your spouse, children, extended family members or even friends. Do you want to leave a certain amount of money to a particular charity? Do you want to put any conditions, such as children must reach a particular age, like 21, before they are entitled to the money that you have left for them?
- Guardians – In case you have any minor children, then you would also like to nominate a person to take their care before they reach the age of 18.
- Appointing Executors – Executors are the people who administer your estate and carry out all your wishes after your death. An executor could be anyone whom you trust fit for this job like a family member or a close friend or an experienced professional. Make sure that the person you are appointing as an executor is trustworthy.
- Your financial interests – What do you want to happen to your business interests that you own after your death? Apart from this, make sure you are aware of the tax implications, like inheritance tax for your will. Let law firm Mississauga take care of your matters while drafting the will.
- Any other wishes? – Do you have any particular arrangements in mind for your funeral? You prefer being buried or cremated etc. or do you want to donate your organs after your death?
It is best to review your will after every 5 years or especially after any major life change like marriage, having a child, or divorce. Although you can design your will on your own, but this job if done without the consultation of an expert, can lead to unexpected results. Hence, it’s always best to get some professional advice as they can guide you a lot on some serious legal fronts.
We, at Nanda & Associate Lawyers, are a dynamic team of lawyers in Mississauga who have helped hundreds of people design their wills so that their loved ones receive fair treatment. Contact us anytime to clear your doubts regarding our Mississauga legal services.
