Everything You Need to Know about Estates & Trusts

by | Oct 26, 2016 | Wills & Estate Law

Everything You Need to Know about Estates & Trusts

If you own property, proper estate planning is important. Estate planning involves the transfer of assets including property and wealth to individuals or institutions before or after death. Some of the common tools used in estate planning include Wills, Trusts, Power of Attorney and more.

Many individuals delay the execution of, or never execute, a will or other testamentary instrument. In the event an individual dies without a written will, the courts have the right to determine not only who will administer an estate, but also who will be entitled to the deceased’s assets.

Estate planning also becomes important to individuals and business owners as they can properly structure their affairs to minimize tax burdens maximize asset protection and reduce legal costs. As part of such comprehensive planning, they may also designate alternate decision makers for their own personal or property care later in life.

If you have created wealth and assets, it is prudent to draft a will for the following reasons:

  • Ensure your wealth and assets are distributed to the individuals or institutions of your choice;
  • Save time and money on the distribution of your estate;
  • Appoint a guardian for minor children if you die before they become adults;

You should review and update your will regularly with changing circumstances in your life.

The laws regarding Wills, Estates and Trusts can be complex and challenging for the layman to understand. That’s why having a qualified legal professional prepare estate planning documents including a will, powers of attorney, trusts and other testamentary instruments can help avoid problems and ensure that taxes are minimized or in some cases avoided on death.

The Lawyers at Mackesy Smye offer in-depth legal services for all estate law matters. The firm’s work goes beyond estate planning to include estate administration, probate and estate litigation. The firm’s goal is to provide clients in the Greater Hamilton-Toronto area with the satisfaction of knowing their legal advisers are trustworthy, highly competent and able to execute on the full range of estates issues that arise in Ontario.

At Mackesy Smye, we provide a variety of solutions to all of your concerns. Our lawyers are experienced to help you find effective solutions to your estate planning concerns. We will help you understand your options and develop an estate plan that meets your needs and the needs of your family into the future.


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