If one were to ask most people in Ontario, they would probably say they hope to live to a ripe old age and pass away peacefully. When people think about wills and estate planning, many consider these important for older men and women who want to pass along their estates. Yet, not everyone is fortunate enough to enjoy an extended lifespan. Having one's estate planning in place can help protect the future of a young family in the event of a tragedy.
There are many ways to provide for a family and simplify the estate planning process. Start by creating a comprehensive list of all known assets and decide on the disposition of each asset individually. Even a modest estate can prove to be complicated if a person dies without a will or if provision is not made for every asset of the estate.
A lot of care should go into estate planning for families, especially those with children who have not yet come of age. For example, when choosing potential guardians for one's children, it is important to choose someone who could reasonably be expected to carry out the task for many years, depending on the age and health of the children. It is a wise idea to appoint two people for each role (guardians, trustees, etc.) as a backup plan in case the first appointee becomes incapable of fulfilling his or her duty.
While it all may seem like a daunting task, it's prudent to start early and then update as needed throughout one's life. In that way, a young family's estate will be reasonably prepared for unforeseen events. Having assistance from professionals can also help simplify the process of making wills and preparing an estate for distribution. An Ontario lawyer with experience in the field can help any person protect the future of their family.