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ESTATE PLANNING - STEPS TO TAKE

Estate planning is an important process for everyone, including those living in Ontario. It helps protect your property and finances so that you can ensure your wishes are respected after you pass away.

 

When it comes to estate planning in Ontario, there are a few key steps:

 

  1. Decide who will receive the property and other assets you own. This may involve discussing with family members what you'd like to happen with those items once you are gone. You can also make a will to declare who should receive your property and when.  

  2. Choose an executor. Your will should include the name of an executor, someone who will oversee the transferral of your property after your death. The executor is typically a trusted friend or relative. 

  3. Find a lawyer. An experienced lawyer can help you properly plan or update your will according to Ontario's laws. They can also help you decide how to best divide your assets among family members or charitable organizations. Contact us for assistance in will writing or estate planning.

  4. Organize important documents. Having all of your important documents such as insurance policies, bank accounts, and real estate deeds in one place makes life easier for your executor. Make sure your legal paperwork such as your will and powers of attorney are easy to find. 

  5. Protect your home. If you are concerned about continuing to pay for your home after your death, you can consider setting up trusts to make sure your home is provided for.  

  6. Choose beneficiaries. Assign beneficiaries on any accounts that require it. These might include life insurance policies or retirement accounts. 

  7. Update your plans periodically. Estate plans should be updated regularly as situations change over time—especially when major life events occur.

 

While estate planning takes some effort, it will help ensure your wishes are followed and your loved ones are taken care of when you're gone. Taking the time to plan now will help make your transition later a smooth one.

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Contact us for assistance in will writing or estate planning.

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