It’s a common concern for people as to how matters will be taken care of after their passing. Wills and estates are drafted by people to give a clear directive on how they want matters to be dealt with, preventing any external influence beyond their wishes regarding their assets and their distributions.
It’s not recommended that you develop a will and estate plan independently, as you’re likely to make a mistake that can void the document altogether. People generally consult will and estate lawyers in Toronto for the task:
Develop A Personalized Estate Plan
One of the main reasons to work with a will and estate lawyer is that they can help you develop a personalized estate plan. Rather than relying on a boilerplate plan, you can develop a plan that meets all your needs. There are numerous considerations regarding legacy planning that the average person might not be aware of. Similarly, you could potentially come up with terms and conditions that are not legal.
Your estate lawyer will understand your requirements, discuss different aspects of your estate and educate you on various aspects.
Ensuring The Estate Plan Is Enforceable
As previously stated, there are many requirements that you need to be aware of and ensure are taken care of when drafting your will. If there’s any statement in your will that’s legally incorrect and goes against any legal requirements, the will itself can be considered unenforceable.
In such a scenario, your will can be considered void, and the court will handle estate distribution. The judgment in this procedure can be against your will. Having a will and estate lawyer draft your will ensures that such problems do not occur and your property comes under a legal clause.
Assistance in Estate Planning
You must focus on estate planning to ensure that your will meets your expectations. For that, you need to collaborate with your attorney to guide you on how your investments should proceed. Making sure that your heirs and beneficiaries are competent in handling affairs after you is necessary and legal counsel is necessary in such cases.
Similarly, many matters regarding your business and property are taken care of for you while you’re still alive.
Trust/Will Amendments
While trust and wills are legally enforceable, they’re not permanent. Many people have made numerous changes to their wills and trusts over the years. Because of various life events, such as the birth of new members, the death of some, new partnerships or conflicts, and disputes with others, you might want to make some changes to your trust or will.
They’re a reflection of your desires, so it’s necessary that you update them regularly over the years to make sure there’s nothing outdated. Similarly, you can look at the document again to remove any vagueness.
Save Up on Taxes
With proper tax planning, you can save up on a lot of money in the future. Poor estate planning can lead your heir into financial trouble as they end up paying heavy taxes. It’s a legal form of tax evasion that’s entirely under legal parameters, allowing you to take advantage of the numerous tax incentives that apply to your estate.
An estate lawyer can guide you about the various options that apply to your estate, allowing your heirs to save up lots of money in the long run.
Safeguarding Your Heirs Right
It’s important to know how the court splits your estate among beneficiaries might not be the way you intend to do so. In many cases, people opt for wills and trusts for the sake of their young children. You have to pay extra attention to the will section of the estate plan.
In case of sudden death, you can assign a guardian to raise your child until they turn 18. With a will, you can assign who will be the child’s guardian, whereas the court gets to decide who takes care of the children. Ensure that matters do not go against your wishes.
Avoiding Family Disputes with Estate Planning
Unfortunately, family disputes are fairly common when there’s no will or clear will available. After your passing, there could likely be a clash among heirs if you don’t leave a clear directive. To make matters worse can lead to court, and a lengthy legal battle can ensue.
You can prevent all of this by working with a will and estate attorney to create a comprehensive will. Working with an experienced attorney will help you pay attention to various matters that you might not have paid attention to. Similarly, they help eliminate vagueness and focus on different aspects of your estate thoroughly for a decisive decision you can stand by.
Having a carefully planned will and estate can ensure that your loved ones are protected and taken care of in many ways, even after your passing. Work with top will and estate lawyers in Toronto that have the necessary experience in the sector, willing to educate you, and cooperate in the process of drafting a comprehensive directive for your estate that can be enforced. The legal team at Nanda and Associate Lawyers is here to assist you with your needs. Our services include the support of corporate lawyers, civil lawyers, commercial real estate lawyers, and family lawyers in Toronto.
Get in touch with us today or book an appointment with our professionals.
