Wills and Estate Planning
Why is it important to have a valid and up-to-date will?
In a will, the person making it, the testator, specifies how they want their possessions and assets, also known as their estate, distributed. It is really up to the testator to determine how they would like to organize their will. For example, the testator could leave their assets to their loved ones or to other entities and organizations. People or organizations who are left a gift under a will are known as beneficiaries. There are many reasons why it is very important to have a valid will. First and foremost, a will ensures that what happens to the assets you leave in your estate after you pass away is actually what you want to happen. A valid and well-drafted will also places less pressure and stress on your family and loved ones, who can focus on maintaining their relationships knowing that your wishes are set out clearly. There are very specific requirements in the law for a will to be valid and many potential contingencies to consider. For example, will any assets be left to minor beneficiaries who will require someone to help manage those assets until they are able to do so themselves? Or, should the spouses of a beneficiary benefit from a gift under the will or just the beneficiary? A well-drafted will can lessen the cost and time required to distribute an estate when it becomes time to do that. Our lawyers are keen to understand your plans and can help you maintain a valid and up to date will that anticipates life’s many possibilities.
What are other important considerations when planning for the future?
Other important documents that involve planning for the future include powers of attorney and health care directives.
In a power of attorney document, the individual creating it names someone or a number of people who will manage their affairs should the individual become incapacitated or unable to manage their own affairs while still living. Once again there are laws to take into account and many possibilities to consider when making such a decision and it is important to make the decision while you are still able to. Creating a valid power of attorney results in many benefits to you and your family that are similar to the benefits that result from creating valid will. You, your family, and loved ones can rest easier knowing that a person or people you trust will look after your affairs responsibly when you can no longer do so.
In a health care directive document, the individual creating it identifies what sort of health care they will accept or how their health care is to be carried out in the event of a serious accident or some other life altering event that leaves them unable to communicate health related decisions anymore. Making such a decision now, ensures that your wishes are carried out when you can no longer make them known. A health care directive can also save your loved ones’ from having to make any extremely difficult and potentially uncertain decisions concerning your health.
Probate and Estate Administration
What does estate distribution entail? Do I need probate?
When an individual passes away, it becomes time to distribute their estate. There may be many tasks to complete and important decisions to make, depending on the complexity of the estate or completeness of the planning in place. Generally, if there is a will, a first step is to find the will and identify the executor named in the will. If there is not a will, there are laws that determine who can apply to be the administrator and be in charge of distributing the estate and further how the estate will be distributed. Often the executor or administrator must apply to court to be granted Letters Probate or Letters of Administration so that they can gain access to the assets of the deceased. For example, assets that may require Letters Probate or Letters of Administration could include assets such as bank accounts. It is the executor’s job to find all the assets of the estate and distribute them according to the will. If there is no will, it is the person who is appointed administrator who will find all the assets and distribute them according to the law. It is important that the executor/administrator account for all of the assets and how those assets are distributed properly so that the entire estate is distributed to all the beneficiaries transparently. Also, it is important that the executor/administrator account for all the assets properly so they can be discharged from their duties as executor or administrator once the estate is distributed. Our lawyers can help guide you through the process of distributing/administering an estate and ensure all practicalities are considered.
