What is an estate? Investments at time of death, minus debt, insurance policies and any type of property make up an estate. Estate plans don’t need to be complex or expensive and should be in place no matter how much your assets are worth.
Our Strike & Phillips LLP estate clients are given peace of mind now knowing that their final wishes will be handled with respect and to their specific direction. Planning ahead helps avoid arguments and stress to loved one over possessions and assets once you pass away.
A Will is the first and most basic estate planning. Wills instruct on how you want your burial to be handled, assets to be distributed, minor(s) to be cared for and other final wishes. If you do not have an estate plan, or at least a Will, then provincial law dictates how everything is dissolved after legal fees and taxes.
Other estate planning considerations include:
- How to choose an executor or administrator and qualities required
- Ensuring ongoing care of loved ones
- Special needs beneficiaries
- Plans to minimize taxation
- Health care directives
- Power of attorney
- Preservation of assets for children receiving their inheritance later
- Trusts and living trusts
- Ownership of Property
- Appointment of trustees
- Rental properties
- Pension plans
- Stocks, bonds, bank accounts, investments
- Life insurance policies
- Funeral wishes and costs
- Legal fees and how to minimize them
- Succession planning for business owners
- Will and planning changes in case of death, divorce or conflict involving appointed beneficiaries
- Ways to minimize confusion and family conflict after your death
Strike & Phillips LLP Will and Estate Lawyers can help you begin this important document where you are and with the information you have right now. Our expert estate lawyers collaborate with our clients, health care providers, tax specialists, and other professionals as required to ensure the standard of living you intend, the greatest value, the least tax and the most benefits to your loved ones when the time comes.
Strike & Phillips LLP has been serving the community of Clarington including our home town of Bowmanville and surrounding areas including Oshawa, Whitby, Peterborough, Cobourg, Ajax, Pickering and the Greater Durham Region since 1925.
Call us at 905.623.5791 or try our email form on our Contact Us page.