WILLS AND ESTATE PLANNING
Everyone needs a Will. Estate planning is not just for the wealthy; it is for anyone who wants to make sure their final wishes are carried out. Choosing who will look after your children, and how your estate will be distributed after your death are among the most important decisions you will ever make.
Ensure your family is cared for. If you die without a valid Will, your spouse, partner or children may receive less than you wish.
Choose who will look after your minor children. For young families, it is important to name a guardian.
Set up trusts for children under 19. Parents may not want their children to receive all their inheritance at age 19. Also if there is no Will, the Public Guardian will manage the children’s inheritance until they reach majority.
Avoid delays and costs. A valid Will avoids delays in settling the estate and minimizes inconvenience to family members.
Minimize or defer tax. Most estates will benefit from tax planning, to ensure that the people you care about receive as much or your wealth as possible. Frequently, trusts can be used to give income splitting advantages.
Keep control over who gets how much of your estate and when. Without a valid Will to indicate your wishes, the Court steps in and distributes your property according to provincial laws.
Identify litigation risks. We develop strategies to minimize the possibility of conflict between family members.