It might seem a little morbid, but it’s crucial to think about estate planning and transferring ownership of your estate during your lifetime. It might seem like something you only need to think about once you’re in your golden years, but there are a few good reasons why you should do it now.
One reason is that if something happens to you and you don’t have a plan in place, your estate will likely go through a long and costly legal process. This can delay the inheritance of your assets to your loved ones and might even cause them to sell off property or assets to pay the legal fees.
So why not take the time to create a will and estate plan to ensure your wishes are carried out? With the expert guidance of a professional, the process won’t be as difficult as you might think, and it can be a great way to protect your loved ones.
Why It’s Better to Transfer Inheritance During Your Lifetime
Benefit #1: Have Peace of Mind Knowing You’ll Be Supporting Your Loved Ones
When you die, your loved ones may have to go through the hassle and expense of probate court to receive your inheritance. Probate can be a long and expensive process, and your loved ones may not receive all of your inheritance if there are any debts owed.
By transferring inheritance during your lifetime, you can avoid probate and ensure that your loved ones receive all of your inheritance. You can also choose who will receive your inheritance and set any conditions you want, such as requiring your loved ones to use the inheritance for a specific purpose.
Benefit #2: Grow Your Bond and Feel the Appreciation of Your Family as You Witness Your Inheritance Transfers
When you transfer inheritance during your lifetime, you have the opportunity to see the look of joy on your family’s faces as they receive the gifts you’ve left for them. This can create a stronger bond between you and your family, and it can also help you feel appreciated and loved.
Additionally, transferring inheritance during your lifetime can help your loved ones feel more involved in your estate planning process. They will know that you have confidence in them to handle your inheritance responsibly, and this can make them feel more appreciated and loved as well.
Benefit #3: Ensure All Your Wishes are Followed According to Your Will
One of the biggest benefits of transferring inheritance during your lifetime is that you can ensure that all your wishes are followed according to your will. If you die without transferring your inheritance, the courts will decide how to divide your assets among your heirs. This can often lead to conflict and disagreements among your loved ones.
By transferring your inheritance during your lifetime, you can avoid all of this and ensure that your wishes are carried out exactly how you want them to be.
The Bottom Line: The Importance of Transferring Ownership to Your Family Long Before Your Golden Years
It’s not unusual for people to put off thinking about estate planning. After all, it can be a complex and emotional topic. But estate planning is one of the most important things you can do for yourself and your loved ones.
It’s not often that you get the chance to do something good for yourself and your loved ones all at the same time, but transferring ownership of your estate during your lifetime is one of those rare opportunities you shouldn’t miss!
Ontario Wills recognizes that each client has different circumstances and solutions; that’s why we steer away from a one-size-fits-all approach. With our help, you get a professional review and a comprehensive estate plan that meets your needs at an affordable price. Start writing your will with our will and estate lawyers today!