Despite many people claiming to be aware of the importance of proper estate planning, nearly half of Canadian adults report not having estate planning documents in place. Ontario adults who die without the appropriate wills and other important documents lined up will have their assets and liabilities disseminated according to provincial law. This lack of planning is known to cause tension within families, so it is a good idea for people to consider the implications of procrastinating on or neglecting this important task.
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.
In a typical will and estates scenario, after a person passes away, his or her assets pass along to a spouse and/or any children. Such is an ideal situation, but that is not always how things work out, especially given the prevalence of blended families in Ontario.
All residents of Ontario should make provisions for the distribution of their estates after they pass away. For some, this may mean little more than creating a simple will and granting power of attorney in case of incapacitation. For those with more complicated estates, careful estate planning is essential, especially in the digital era of the 21st century.