Deciding how you’re going to draft your estate plan and will? Canadians have more options now than ever. From doing it yourself, to consumer apps, to working with a lawyer, finding the right solution for you depending on your situation is incredibly important. After all, we’re talking about the documents that are going to make sure your family is well taken care of and that your legacy is protected in the event something happens. In this blog post, we’ll highlight the top 5 reasons why you should consider working with a lawyer to draft your estate plan and will.
1) Lawyers make the law less complicated – mistakes are costly
Lawyers know the best ways to protect your inheritance. What may seem like a simple gift or wish may have serious consequences. For example, giving an asset to a particular beneficiary may mean that the other beneficiaries have to pay the income tax on that asset. Lawyers know how to include special clauses that can prevent a challenge to your will or protect inheritances from ex-spouses. If there is doubt about the meaning of even one word it may lead to an expensive court hearing. Your lawyer knows exactly how to say what you want.
2) Save taxes and make smarter plans
A lawyer knows the best strategies to avoid probate fees and reduce income tax on your estate. It’s not as simple as gifting away your assets. Family fights over Wills are becoming more common in an increasingly more complicated world with assets as all different types, including crypto and foreign property. Proper advice can protect you from someone suing your estate.
A lawyer can help you weight he benefices and downsides of appointing a friend or family member the position of a Trustee or Executor. They can also help advise you on key decisions like who can replace an executor if they decide to quit? If there’s a paid trustee, how is the fee calculated? Your lawyer can identify ways to avoid fights over commonly contested issue.
4) Navigate complicated situations and protect those who need most in need
A lawyer’s job is to explain complex situations and help you make the best choice for your family. How you can ensure your spouse is looked after while protecting your inheritance from their future spouse. You may want to protect your children from inheriting a large financial amount without ruining them. They will provide you with vehicles to do this properly. Get the benefit of experience in deciding when, and how much your children should receive. If your situation is more complicated, or you have a special needs beneficiary, the wrong decision with your Will could jeopardize a lifetime of government benefits. A lawyer will hold your hand throughout the process and give you the peace of mind you need to ensure you make the right choice for your legacy.
5) Explain options for protecting your family if you’re gone
Your lawyer can help guide you through the multitude of options that are available to you to protect your estate when you’re gone. They will give you the best options for your particular situation. Wills are highly regulated and must be signed in a very specific manner. Your lawyer will ensure that all everything is handled smoothly, and it’s all performed in the proper format.
If you want to discuss your estate planning and will, either to have a will drafted for the first time or to review and possibly update your existing will, please contact Debbie Jorgensen.
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