The marriage and divorce of two people can have a large impact on your estate planning documents. Generally, its best advised to re-evaluate your testamentary documents such as wills, powers of attorney and insurance policies each time you pass a major life milestone, such as getting married, buying property, having children, or filing for divorce.
Many people may not be aware of what happens to their assets if they pass away without a spouse or children. Whether you are married or not, or have children or not, a will is an important tool for you to bequeath your possessions according to your preferences.
When you pass away without a will, your possessions and wealth are divided along legislative guidelines. These guidelines are fairly generic – which can be problematic since no two families are alike.
Having a valid will at the time of someone’s death can help reduce the stress of sorting through someone’s estates. A valid will allows beneficiaries to receive assets as the recently passed intended. It also allows the surviving family to avoid intestacy laws, which means dividing assets per legislation.
An estate plan is more than just a will. It allows you to distribute your possessions, as well as protect your wealth, well-being, and provisions for dependents. If you do not have a will, your assets will be distributed per provincial legislation, not according to your specific wishes.
Spring is here, and so is wedding season. While weddings are an exciting time – the promise of a new life, watching friends and family embark on new adventures – it is also a time of many changes. As couples start looking at buying properties, growing families and expanding their financial portfolios, you may want to consider your own estate and wealth.
Losing a loved one is never easy. People can experience grief, sadness and sometimes anger over any issues that might have been left unresolved.
Generally speaking, people start considering estate planning later in life. While it’s never too late to write a will, getting started sooner rather than later can have significant benefits.
When you think of daily habits today compared to a decade ago, the change is dazzling. We regularly log in, share, download, and communicate from devices that fit in our pocket. So how does this affect your estate plans?
Having discussed the importance of enduring power of attorney (EPOA), we now turn the focus to representation agreements.