We get advice from one of the finest estate lawyers in Ottawa.
A large percentage of deaths occur without a proper will or executable estate plans in place. If an estate plan is not in place, the government will automatically transfer assets to the closest relatives of the deceased and rule on the fate of children if the other parent or guardian is unable to do so. It is important to have your affairs in order to ensure these types of decisions are made the way you want them in advance.
Who Can Benefit From An Estate Lawyer?
Estate planning is more than just deciding where your assets go and planning how to shelter your money tax in the case that the sum is substantial. Who better to choose how your assets are distributed than you? Planning ahead allows you to make guidelines for loved ones to follow in terms of health care and asset distribution. Without a plan, the state will decide on the assets and your family may not benefit. High lawyer fees can be involved in trying to distribute wealth after a death if there is no distinct plan in place.
Making Your Own Estate Plan
Many DIY options exist on the Internet, in books, other resources or through a non-profit organization. These can provide or outline living trusts, powers of attorney, last wills and other documentation for nominally less than an estate planning lawyer. While all these documents can be filled out and also executed by one-self, this is not recommended and deemed risky. Estate planning can be compared to filling out tax forms. In the case of taxes, not hiring a professional often results in a greater audit percentage, improperly filled out forms and missed deductions. In fact, estate planning is more complex and convoluted than tax filing is so hiring a professional estate lawyer is doubly important.
Seeking Professional Help & Guidance
Sometimes estate planning can be easy, as in the case where there are few assets, no difficult family structures and no in-depth financial arrangements. In most other cases an estate lawyer is highly recommended. Creating your will yourself can sometimes have worse consequences than not having one at all. A qualified estate lawyer will be able to ensure that tax exposure is minimized and assets are properly distributed. In an arena with much subtle legality it is best to have a professional in your corner.
Often neglected, estate planning is a vital responsibility that one must not shrug off and take lightly. Hiring an estate lawyer is in your best interest as they are affordable and can save your beneficiaries lots of time, hassle and money. For more information about how an estate lawyer can assist you, please visit http://www.lawyercorporation.ca.