No one can argue that estate planning is one of the most important things that you need to do not only for yourself but more so for your family.
Estate planning legally protects your spouse and family as well as your assets. It also serves as an instruction on how you wish to handle your assets and other things after your passing.
In this post, your trusted estate lawyers in Kanata, Ontario, shares some estate planning tips for spouses who haven’t made their wills yet:
Start By Making a Will
Everyone should have a will. You may think that your partner can take care of everything after your passing, but that’s not always the case. You should make sure that your family knows what you want to be done with your assets, and the good thing about a will is that your desires will be stated clearly.
If you have kids who are not yet of age, you should make sure to include their care in your will. This includes their education, financial support, and details on who will take care of them if something happens to you.
If you don’t have a will yet, you should speak to a trusted attorney about making one.
Update the Will on a Regular Basis
You should also update your will regularly to include any assets you might have purchased or acquired. If you buy a new car or a boat, don’t forget to add it to your will.
If you get married, divorced, or have kids, you should update your will to reflect these changes.
In addition to updating your will, you should also review it every once in a while to make sure that everything remains accurate. A simple mistake can cost you big in the future and complicate things with the probate process.
Think About Making a Secondary Will for Lower Probate Taxes
You can also have a secondary will that will have the minimum requirements needed to avoid having to pay high probate fees. The advantage of having a secondary will is that you can choose to do it yourself. You can download free templates online and add a few basic instructions; you don’t have to hire an attorney for them.
This is a good idea for people on a tight budget and can’t afford to pay high legal fees.
Make a Power of Attorney for Personal Care
If you are getting older, you should also make a power of attorney for personal care. This is a document that will enable your family to take care of you and make decisions for you if you become incapacitated.
Make Sure You Have a Continuing Power of Attorney for Property, Too
If you own real estate that you want to transfer to your family after you die, you should also make sure to have a continuing power of attorney for property. This document will ensure that your family can continue with whatever transactions you have for your real estate.
Designate Beneficiaries for Specific Assets
You should also ensure that your beneficiaries are stated clearly on your bank accounts and other financial institutions. This way, your funds will not be frozen after you die, and your family will be able to have access to them.
If you’re married and have not yet made up your will, now is the time to make one.
If you want to make sure that your family will be taken care of after you pass away, you should also check out other estate planning tips that your trusted estate lawyer in Kanata, Ontario, can share with you.
Start planning your estate as soon as possible to ensure that your family will be protected and your future will be secured.
Ontario Wills can provide you with the expert legal services of an estate lawyer who can help you make all the necessary arrangements to ensure your family’s future. Contact us today to schedule a consultation!