The Ultimate Guide to Estate Planning in Ontario
August 9, 2022
The Tabuchi Law Team
August 9, 2022
Information is power!
Probate court can be quite challenging and overwhelming to navigate. Executors, who are also referred to as estate trustees have a role, in the process by applying for the Certificate of Appointment of Estate Trustee and overseeing the estate affairs. Trustees are tasked with managing trusts and distributing assets accordingly. In Ontario both executors and trustees can seek advice to fulfill their duties effectively steer clear of pitfalls and handle any disputes that may arise.
Estate planning extends beyond creating a will. Inter vivos or "living" trusts offer advantages such as avoiding probate and protecting privacy. Lifetime gifting of assets allows for active participation in wealth distribution and potentially reduces estate taxes. A tailored estate plan, incorporating trusts and gifting, can align with your wishes and navigate legal complexities. Seek professional guidance from estate attorneys and financial advisors to maximize your planning effectiveness.
In some places common law partnerships even if not officially considered marriage can grant inheritance rights to partners. These rights differ based on the location and legal system in place. To secure these inheritance rights partners might create cohabitation agreements or formal documents detailing their obligations. Additionally asset distribution preferences can be specified in wills or trusts.
