You might have achieved the status you were after, and you might have built your estate brick-by-brick after going through your share of hardship. Yet, there is uncertainty about the preservation and sustainability of all that you have worked for. This is simply the result of uncertain succession. You intend for your estate to be distributed among the intended heirs in the proportion you see fit. Here, at WillsEstateLawyers, we ensure your final wishes are exercised, beyond your expectations.
Estate planning is a strategic legal and financial measure, which dictates how your estate, businesses, and entities are to be handled after your passing. Estate planning not only allows you to secure your loved ones but also helps dilute the intensity of the tax bite imposed on your estate by the provincial and federal governments.
While taking caring of the distribution of your assets and liabilities is imperative, it is, at the same time, a complicated task. From dealing with complex legal jargons and procedures to understanding the implications of your decisions, legal help can help deal with these complexities. At WillsEstateLawyers, we intend to serve our clients keeping in mind their current and projected financial condition, their familial conditions, their susceptibility to tax bites, and their long-term goals. When we account for all these factors, we can arrive at a customized strategy, which caters to your necessities and to those of your intended heirs after you’re gone.
Your will is merely one segment of a comprehensive, well-rounded estate plan. It still remains the most important legal document that clearly establishes the ratio and proportion with which your assets are to be distributed. A comprehensive and elaborate will reduces the possibility of confusion, friction, and uncertainty among the family members about the distribution of your estate. Our estate planning professionals can ensure your wishes are legally documented with clarity and are carried out in the manner you personally intended.
Personal Care Directive (PCD)
Your infirmity or incapability to perform functional activities in the future must never render you helpless. This is where we come in with our ‘living will’ or ‘personal care directive’ to ensure your healthcare requirements are always at the top of the priority list regardless of external factors. Even in this state, we intend for you to continue making practically sound financial and legal decisions for the well-being of your loved ones, while maintaining your authority over the unfolding events.
Power of Attorney
You hand the power of attorney to the individual you trust to administer your affairs in the event you’re unable to handle them on your own. This inability can be a result of a temporary absence on your part, or can also be a result of an illness that incapacitates you. Not only do we help you through the process of assigning the power of attorney, we also help the individual to ensure your affairs continue to receive the best legal and financial advice.
The last thing you want is to see your loved ones deprived of financial resources, and that’s a valid concern. While Canada doesn’t have a designated inheritance tax, that doesn’t prevent you from suffering tax damages at the hands of the Canada Revenue Agency as they view the estate as a ‘sale’ in general cases. There are ways to minimize the damage your family suffers since there are exceptions under specific inheritance clauses. Under your comprehensive estate plan, we will help you curate a sound financial strategy to minimize tax implications.
Protection of Assets
Your passing renders your assets vulnerable to external forces such as unforeseen creditors, prolonged disputes between heirs, and even a divorce that an heir has suffered. Your assets are vulnerable in the period following your death, and an elaborate estate plan with tactically shrewd contingencies is a straightforward way to ensure your estate continues to survive these risks.
Here, at WillsEstateLawyers, we help our clients curate foolproof financial and legal arrangements so that they continue to enjoy their life without having to constantly worry about what happens to their estate and their loved ones after they’re gone. Contact our legal team; they will be all ears for what you have to say!