Estate Planning is a complicated process that goes further than the preparation of a will and a testament. To build a strong estate plan, you need comprehensive documents and clearly defined legal entities. And, this is just one of the many reasons to hire an estate lawyer.
An experienced estate lawyer is well versed in the nuances of estate planning and management. Beyond devising an estate plan, he can also help you in drafting a living trust and mitigate a suitable strategy to manage estate taxes. This ensures the security of your estate and its beneficiaries even after your demise.
Here are a few reasons to hire an estate lawyer while making a plan for your property:
Planning a Will
A well-defined Will is the cornerstone of an estate plan. A will is a legal document that testifies its creator’s wishes regarding the distribution of his assets among its beneficiaries. A legally sound Will not only makes sure your property remains safe after your death but also ensures peace of mind for your spouse and your family. If a person dies intestate that is without preparing a legally verified Will, then the responsibility of property distribution falls under the respective authorities of the province.
Your Will needs to be evidently indicative of your desires, easily accessible and legally binding. A good estate lawyer helps you plan a Will that is legally valid so that it cannot be questioned in a court of law.
Relating a Power of Attorney
A Power of Attorney (POA) is a legal document that grants a person or sometimes a group of people the power to take decisions regarding your estate and its financial resources. The appointed person, your attorney is responsible for executing your will and wishes in the circumstance of your death or mental disability to do so. Your attorney is also responsible for taking key medical decisions regarding your treatment in case of an accident or a terminal disease.
Lack of an enduring POA can create a difficult situation for your family. It may necessitate them to visit a court for every minor financial decision. Your estate lawyer can help you execute a binding POA and explain its accountabilities to the respective attorney.
Establishing a Living Trust
A living trust is an alternative to a Will and can be executed during your lifetime. For estate owners approaching the later stages of old age or suffering from a terminal disease, a living trust can be essential. This system allows you to allocate all your assets in a trust that can be accessible to your beneficiaries upon your demise.
You can also refer to your estate lawyer about planning a Living Will. A Living Will lets you make a detailed account of your wishes regarding your medical treatment in the cases you cannot express informed consent.
Securing Death Benefit
After a property owner’s demise, beneficiaries of the will are entitled to a death benefit, if the deceased was a contributor to the Canada Pension Plan. The application for this benefit needs to be filed within 60 days of the demise and can be filed only by the executor of the Will. An estate lawyer can do this for you.
A skilled property lawyer can also help you mitigate taxation problems regarding your probate applications. Contact a practised law firm today to plan an effective estate management strategy.