The thought of your mortality can be morbid and even terrifying to some people, but planning for the inevitable is important. When you pass away, your loved ones will be responsible for tending to your financial assets as well as your liabilities. The last thing you want is to leave them with a stressful headache or a legal and financial nightmare to contend with. The services of a skilled estate lawyer can help you to decrease the burden your death will create on your loved ones so that they can spend their time mourning your loss and trying to find a way to move forward after experiencing a devastating event.
Creating Your Will
One of the first steps an estate lawyer Toronto will take to help new clients get their affairs in order is to draft a will. A will can provide basic information about the transfer of your assets after your passing, but a will is not just for the elite and wealthy. If you have moderate assets to divvy up after your passing, the will provides instructions for handling this. It names an executor to tackle the task of handling your estate, and it also can provide instructions regarding the future care of your children. Your life insurance proceeds may provide for your children financially after your passing, but the will may dictate who is responsible for their care.
Assisting With Your Business Affairs
Many people own their own business or have at least a moderate interest in a company. Your estate lawyer can help you to handle business transactions that take place after your passing, such as the transfer of your ownership interest to a member of your family or to a business associate. Transfering business ownership can be a legal nightmare if provisions are not made during your living years, and this can be a burden on your partners as well as your family.
Transferring Your Assets
Some people will use estate legal services to transfer at least some of their assets to loved ones during their living years or to establish trusts. There are benefits associated to both of these options, but there are also legal and taxation issues to consider. Your estate lawyer can help you explore the options available for the transfer of your assets, and he or she can prepare the documents to bring your wishes to fruition.
Regardless of your current financial or parental status, you understandably have certain wishes and desires for your affairs after your passing. Your estate lawyer can listen to your wishes and can provide you with tailored recommendations to help you achieve your goals within the letter of the law. If you have not addressed the important matter of estate planning yet, now is a great time to get started.