Understanding Wills and Estate Planning
Expert Estate Planning & Will Drafting Services by RRM Law
Estate planning is a deeply personal endeavor, one that requires careful consideration of your wishes, assets, and loved ones. At RRM Law, we understand the emotional and sometimes complex nature of wills and trusts, which are integral components of the estate planning process. Each individual situation is unique, necessitating the experienced guidance of a knowledgeable law firm to ensure that your wishes are properly articulated and legally protected.
Drafting a will is a critical aspect of estate planning, serving to outline how your assets will be distributed and who will care for your minor children in the event of your passing. Without a clear and up-to-date will, the welfare of your loved ones may be left uncertain, and your assets may not be distributed as you intend. Our team at RRM Law specializes in guiding clients through the process of drafting and reviewing wills, offering personalized attention and legal expertise to ensure that your wishes are accurately reflected and legally binding.
From naming guardians for your children to specifying the distribution of personal items and assets, our attorneys work closely with you to craft a comprehensive will that aligns with your wishes and circumstances. We understand that life changes can impact your estate plan, which is why we emphasize the importance of regular evaluations and updates to your will. By partnering with RRM Law, you can take proactive steps to protect your legacy and provide for your loved ones both now and in the future.
Why a Legal Will is Important?
There are many different aspects of the estate planning process from which you can benefit from consulting directly with an estate planning lawyer, including making sure you have a legal will in place.
Many individuals may be under the impression that they do not need a legal will, but this is a basic estate planning tool that can allow you to name what will happen to your assets if you were to suddenly pass away.
The basic purpose of a will is to allow you, the creator and testator, to speak after death concerning how your assets are distributed.
The instructions are in a written format so that others can completely understand your intentions when you are no longer around to articulate them.
After you pass away and leave your estate behind, your loved ones will be responsible for making decisions about what happens to your belongings.
If you leave these in a testamentary document such as a legal will, you can save those loved ones the frustration and time associated with legal hearings by clearly articulating your concerns.
What Happens if You Don’t Have a Legal Will in Place?
In the event that you pass away without a legal will, your assets are distributed under the rules of the Succession Law Reform Act of Ontario.
These set out a hierarchy for the distribution of your individual assets based on your family’s circumstances at your death.
For example, if you are married but have no children, the estate would pass completely to your spouse.
If you are married with children, and your estate is valued at less than $200,000, your estate will also pass to your spouse. If your estate is worth $200,000 and you have one child, the amount above $200,000 is split in half between your spouse and the child.
If you have more than one child and are married and your estate is worth more than $200,000 the estate is divided into equal shares for your spouse and your children.
If you have children but are not married, your estate is divided equally among your children, and if you have no children and are not married, your estate will be divided equally between your parents.
Planning ahead can help minimize the frustration for your loved ones. Make sure you set aside time to talk with our dedicated estate planning attorneys. Get in touch with us to streamline your Will Planning Process.
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 RRM Law 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 divorce. For example, you may have personal items such as jewelry, cash furniture, and 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 RRM Law to draft your will today.
Evaluating your will regularly to ensure that it connects with your 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 that is 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. A trust must be created properly to ensure that the funds inside are used for the intended purpose and as tax-efficient as possible.
The legal team at RRM Law 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 Brampton to interact with your other advisors, including financial planners and accountants, to ensure that a tax-effective, as well as 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 Brampton. 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 to review existing documents or draft a holistic plan for you and your future, Contact Us an experienced wills and estates lawyer in Ontario.
How to Probate a Will
What You Should Know About How to Probate a Will Once you have taken the essential steps in order to plan your estate after consulting with a knowledgeable Ontario attorney, it is necessary for the courts to validate or prove your will. This is described in the term known as probate a will.
The court will carry out this procedure of determining whether or not your will is valid and created by the individual who has passed away.
The probate will process additionally confirms the individual who is named as the executor in the will. The letters probate or the executor’s documents will be given by the court to the executor as validity of his or her authority and ability to manage the estate.
Your planning ahead and understanding of the process ultimately benefit not just you but also your beneficiaries.
When is Probate Triggered?
The beneficiaries, the type of assets, and the will itself determine when probate is needed.
Frequently, the will is sufficient in order to name an executor and all the authority necessary to settle the estate.
In the event that the administration of the estate could take a few years, the executor should obtain letters of probate as soon as possible. This names his or her official recognition for managing the testator’s estate.
The executor might even require this proof to recover funds associated with the testator or transfer particular assets in line with the deceased individual’s will.
Letters of probate may also be essential in the event that the executor believes that someone may contest that individual’s right to manage the estate.
How to Get the Letters Probate?
The individual asking for letters of probate is responsible for submitting an application to the clerk of the probate court.
This can occur in any judicial district in which the testator was living before passing away or a district where the deceased individual owned property. There may be certain fees requested and paid to the probate court for the letters probate.
These are outlined in the regulations for the Probate Court Act. If a lawyer submits the application for these papers, the estate is also responsible for paying the lawyer’s fee and this is outside of the probate fee.
In the event that an individual passes away without a valid will, the probate court has to appoint an individual to act as administrator of the estate.
The court will make this appointment when someone qualified to act in such a capacity submits an application. Typically, this is a family member or a close friend of the deceased.
The administrator plays a role similar to someone serving as a will executor, so it’s important to understand how these roles work during the probate Will process. First of all, the administrator must collect any money the estate is due at the time of the individual’s death. Then, he or she uses these funds and money inside the estate to make income tax payments and other debt payments.
Once this process is complete, the administrator has to sell any assets within the estate and distribute them according to the Devolution of Estates Act. If no one has been named as administrator and no person steps forward to play this role, then the court may take action and appoint someone to serve in this capacity. The individual appointed will step forward and manage the estate administration as listed above.
Knowing what to expect in the probate a will process within your province is beneficial for approaching the estate planning process itself. A lawyer can help you identify the different tools and strategies you might use to plan ahead and empower your loved ones to make informed decisions on your behalf.