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    Wills and estate planning tools are not just for older Canadians

    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.

    The content on this website is for information purposes only and is not legal advice, which cannot be given without knowing the facts of a specific situation. You should never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. The use of the website does not establish a solicitor and client relationship. If you would like to discuss your specific legal needs with us, please contact our office at 613-563-7544 and one of our lawyers will be happy to assist you.

    Posted By: Timothy J. Grieve of Merovitz Potechin LLP

    Partner

    When it comes to sophisticated estate and succession planning, Tim Grieve is noted for his attention to detail, his ability to analyze complex situations, and his knack for explaining legal scenarios to his clients in everyday language. Tim thoroughly understands the needs of high net worth clients, entrepreneurs and professionals. His practice includes wills, trusts and estates, business and corporate law, franchising, commercial real estate and not-for-profit corporations.

    Tim is one of the founding members of the Society of Trust and Estate Practitioners Ottawa branch and is the chair of the Society of Trust and Estate Practitioners (Canada).

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