Planning ahead for your future and articulating a clear plan for distributing your assets after you pass away is extremely important. It is also equally vital that you consider a who would be empowered to help make decisions on your behalf if you became incapacitated and unable to make decisions for yourself. Consulting with a Toronto wills and estates lawyer is a crucial when you have concerns about passing on your assets effectively and with minimal challenge.
Hire an Experienced Toronto Wills and Estates Lawyer
Wills and trusts, in the general process of estate planning, are extremely personal, emotional and sometimes even complicated. Since each situation is unique and requires the experienced insight provided by a knowledgeable law firm, you need the team at Diamond & Diamond to evaluate your primary estate planning concerns and guide you to ensure your wishes are being satisfied.
Drafting and Review of Wills
There are a number of different reasons for putting together a will, including ensuring that your assets are distributed according to your wishes or naming a guardian for your children should you pass away prior to their achieving adulthood.
The welfare of any minor children could be significantly impacted if provisions have not been made for their guardianship in the event of your death. Furthermore, your will should be updated on a regular basis as the circumstances in your life change, including marriage, the birth of a child, a death in the family, property acquisition and divorces. For example, you may have personal items such as jewelry, cash furniture, homes that you may want to be passed on to a particular person. If not specified in your will, the government and intestate rules would determine where your assets go. Don’t let the laws dictate how your assets get divided, contact the team at Diamond and Diamond to draft your will today.
Evaluating your will regularly to ensure that it connects with your individual wishes is extremely important. The right attorney can help you accomplish a great deal of the estate planning process while also giving you a better understanding of the strategies that are going to work in your favor now and in the future.
Creation of Comprehensive Trusts
Trusts are a common estate planning tool are often set up for a particular purpose, such as caring for an individual with special needs, creating a fund for a charitable purpose or educating children. It is critical that a trust be created properly in order to ensure that the funds inside are used for the intended purpose and is tax efficient as possible.
The legal team at Diamond & Diamond helped many clients put together trusts and other necessary strategies for the purposes of estate planning.
Estate Planning for Tax Considerations
As you think about passing on assets to your loved ones, it is important to incorporate tax planning as well. When it comes to business succession or inter-generational wealth transfer, the evaluation of tax planning is equally important. You need to be prepared to use a wills and estates team in Toronto to interact with your other advisors, including financial planners and accountants, to ensure that a tax effective as well as an efficient plan is put in place. Knowing that your estate plan is comprehensive and includes all potential aspects of your future is extremely important.
Powers of Attorney to Protect Your Interests
There are many different documents that you may need as part of your estate plan and some of these include powers of attorney. Powers of attorney drafted by a Toronto wills and estates lawyer are crucial documents that protect you in the event that you become incapacitated, disabled to otherwise unable to make decisions for yourself.
With a power of attorney, you appoint an individual you trust to render decisions for you, like handling the responsibility of your medical care or taking over your financial affairs. Will and estate lawyers in Toronto should be well versed in the preparation of the right powers of attorney to ensure that the instructions are properly communicated as well as recorded and therefore, ultimately respected.
There are many different things you must consider in the process of putting together your will and estate in Toronto. Having a legal team you can trust and discuss potential strategies with, is extremely important for your future. You can make things much easier for your loved ones by articulating a plan that clarifies your intentions and leaves them with minimal stress and frustration after you pass away.
Doing the job of estate planning now is much easier when you have a legal team on your side, who understands the personal and sometimes complicated nature of the process. When you need help reviewing existing documents or drafting a holistic plan for you and your future, contact an experienced wills and estates lawyer in Toronto. Call Diamond and Diamond Lawyers at 1-888-INFO LAW or 1-888-463-6529 or contact us here.