Estate Planning is a process of transferring person’s all wealth and assets after his death which he listed in his final will. It is very necessary for the person who owns the estate to sign and notarize his estate plans. The deceased executor will grant the control of the assets as the result of this act. As there are many people who think it is not a complicated process but in reality it is complex without the assistance of a lawyer otherwise there could be a chance that a small error ends up with an exhausting and stressful court case.
Are you looking for estate planning and live in Canada? We know it is very difficult to gather all the information which is required for estate planning. Here are the some real estate laws for Canada that you should read.
1. It is important to have all the financial documents , records and familiar with the financial affairs of the decease.
2. Assets of the real estate should be actively managed. In case if required, you can claim for life insurance, company and other government pensions.
3. It is very necessary to locate all the assets and liabilities of the estate. After paying liabilities, you can estimate the value of estate and can arrange for the discharge of mortgages and other debts.
4. If required you can get the original certificate of Appointment of Estate Trustee or copies with estate assets from the court.
5. You can also re-register assets in the name of the estate and can sale & transfer assets in the anticipation of fulfilling the terms of will.
6. Complete knowledge about Income Tax Act which includes the final return of the deceased and subsequent returns for the estate is required.
7. In case, if there any uncertainty arises about the administration and distribution of the estate, you can take the help of solicitor or apply to the court.
Here are the top five reasons for hiring the probate estate planning lawyers in Canada:
1. To avoid any conflict: Chances for conflict within the family increase without the assistance of a probate lawyer. It reduces the probability of misunderstanding. You can handle an estate planning process very appropriately by hiring a probate attorney.
2. Fast Access of the Estate: Several times, executor of the will don’t get the access straightly. It depends on the size and complexity of the estate. Time varies from three months to one year to probate an estate. With access to the property, you don’t get life insurance policy, investments and bank accounts also. You can gain the access very fast with the help of attorney without any legal assistance.
3. Avoid unnecessary Estate Claims: There are several claims against the estate that people have to face such as if someone name is not mention then they can easily claim that their names should be mentioned in the estate. So to avoid all the conflict, a lawyer is necessary.
4. Avoid Court Rejection: Various documents have to be submitted to the court while probating an estate but court can easily reject your estate in case if there is any mistake is found in this process and these documents can keep on rejecting by the courts until they are right. To avoid this situation, you can hire a lawyer.
5. Support the executor: It is a big responsibility of being the executor of the estate. He has to read the will, should be in touch with all beneficiaries and have to face the disputes between the people among the family. Because of all these huge workload, a supporter is required and nothing can be better than an attorney who can guide him all along the way.
Three Things that should be considered while hiring a estate planning lawyer for yourself:
1. It is his responsibility to advise clients how to get their affairs in short time period. He should be well versed in the laws and updated with all the current changes.
2. As there are several directories are available online for hiring lawyers but the best place to look for one is an attorney that you know and trust.
3. The main reason behind hiring a probate lawyer is that he will keep your assets out of court supervised guardianship. So hire one who is capable of managing all the three factors mentioned above.
At last, a person who should be appointed as estate trustee is a personal choice. He / She should be 18+ and mentally capable.