There are also private businesses that offer estate trustee services. It’s a good idea to talk to them before naming them to make sure they’re comfortable with their responsibilities. You may name someone as your estate trustee, such as a family member, friend, or lawyer. They must follow the instructions you left in your will and obey the law in carrying out their duties. More than one person can be named in your will as your estate trustee. Choose someone you trust to manage your estateĪn estate trustee is the person you choose to manage your estate after your death, sometimes called an executor. Be sure to ask about their professional credentials and experience before you get their help with estate planning. If your situation is complicated (for example, if you own a business) you may also choose to speak to an accountant or financial advisor. The Law Society of Ontario offers a referral service that can help you find a lawyer. A lawyer can also make sure your will meets legal requirements.Ī lawyer can also store your will securely where your family can find it after your death. Hire a lawyer to prepare your willĪ lawyer can answer your questions and tell you about tax and other things to consider when preparing a will. Learn more about what you need to think about when making a will. ![]() These methods can be low or no cost but your will must be prepared correctly or it will not be valid, which can lead to family disputes and expensive lawsuits after your death, as well as delays taking care of and distributing your property and possessions. writing a handwritten will, called a holograph will.a member of the Canadian Forces or a sailor at sea or on a voyage.thinking about marriage to a person, and your will states this, and you marry the named person.If you are under 18 years old, you can make a will if you are: Get information about planning for possible mental incapacity People under 18 years old are mentally capable, which means you understand what property you have and what you are doing by making a will.who can apply to the court to manage your estate.If you pass away without a will, the law determines: A will can also appoint one or more persons to have decision-making responsibility (custody) for children who are not yet adults. It explains your wishes about how your property and possessions should be taken care of and distributed, for example, how much money should be paid to a specific person or charity. WillsĪ will is a legal document that takes effect when you die. One of the most common ways to plan for your estate is to make a will. Afterward, the individual can decide who they believe is the best fit to handle their end-of-life decisions as well as who to give their property after death.An estate is a legal term used to describe the assets (money, property and personal items) and debts a person leaves when they die.Īn estate plan helps ensure your wishes are followed after your death, including what happens to your money, property and personal items and who will manage your estate.Įstate plans can help protect your family from having to make difficult choices about your estate when they are grieving. To create an estate plan, an individual will need to understand the laws in their State and gather a list of their assets. This is especially useful in the chance a person can no longer pay bills or take care of everyday matters for themselves. Power of Attorney – Select an individual to act as an agent and make financial decisions while alive. Select a spouse or family members and detail exactly who will and who won’t be a beneficiary. Last Will and Testament – Used to designate how personal assets will be distributed after death. Also allows the selection of end-of-life treatment options. ![]() Estate Planning Checklists: By StateĪdvance Directive – Choose a person to assist and make medical decisions in the chance someone cannot do so for themselves. In addition, someone can establish who will get what after they die and whether it’s best for the estate to go through the probate process. This will allow a person to decide who they would like to handle their personal finances if they should not be able to themselves. By following the checklist, an individual can get an idea of the estate laws in their State and choose which forms suit their personal financial situation best. An estate planning checklist is a guide on how to plan an individual’s assets and end-of-life health care if they should die or become incapacitated.
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