The overall goal in estate planning is to achieve an inexpensive and problem free administration of your estate. With proper planning and a carefully drafted Will your assets will devolve to the beneficiaries you intend to benefit, while the taxes payable at the time of your death are minimized.
A valid Will is your direction in writing to the person or persons you have chosen to carry out your wishes. These appointed Executors will assume responsibility to distribute your estate assets as you have determined after having paid your debts and funeral expenses and any tax obligations you may have had or which arise as a result of your death.
In preparation for the making of your Last Will and Testament, you should formulate a list of all your assets and liabilities, including any insurance policies you may hold. This information will be helpful to us in developing an effective and proper Will for you. For most clients, obtaining the information needed to prepare their Will takes only an initial meeting of one hour or less. The importance of having an up-to-date Will cannot be overemphasized. It will help provide certainty that your wishes are carried out after you are gone and can reduce the cost of administering your estate.
We also help executors navigate the estate administration process. This includes determining if you need to apply for probate, assisting with the estate administration application (aka probate application), and ensuring you are fulfilling all your legal obligations prior to distributing the assets to the beneficiaries. We can also help navigate complex estate matters such as when someone dies intestate (without a will), when the named executor is a non-resident of Canada, or when an obscure clause in a will requires interpretation.