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Understanding Lawyers’ Responsibilities in Estate Planning
Estate planning is a crucial aspect of financial and familial well-being, requiring meticulous attention to detail and adherence to legal guidelines. Lawyers play a pivotal role in this process, tasked with ensuring that clients’ wishes are documented accurately and their assets are distributed according to their desires. In this blog post, we will delve into the responsibilities of lawyers in estate planning, drawing insights from the Manitoba case of Black-Donaldson et al. vs. The Estate of Helen Small.
Why Your Will Matters: Freedom of Testamentary Disposition Affirmed
In a recent decision by the Ontario Court of Appeal, Roe v. Roe, 2024 ONCA 179, significant legal issues surrounding testamentary capacity, insane delusions, and undue influence were thoroughly examined. This landmark ruling sheds light on the complexities of estate disputes and the legal principles governing them.
Preventing Estate Litigation: A Guide to Secure Estate Planning
The number 1 goal of estate planning should be the avoidance of litigation. Estate litigation can be a formidable challenge, and it often appears more prevalent than other legal battles. Whether fueled by familial disputes or a perception of the estate as a windfall, it is essential to take proactive steps to avoid unnecessary courtroom conflicts. Discover effective strategies to safeguard your hard-earned assets from falling into the hands of estate litigation lawyers after your passing, and avoid the types of issues that arose for the Jackson and Rosenberg families.
Do I Need A Will?
Many people assume that you only need a Will if you are wealthy or if you have a lot of assets. This assumption is incorrect as small estates can also cause a lot of friction and conflict amongst family members. Having a Will in place means that whatever you have (no matter how little) will be administered according to your wishes. Having a Will also makes the process of administering your Estate easier and less costly.
Last Will and Testiment
Nobody likes to ponder their own death. However, death is inevitable (at least until someone makes some huge scientific breakthrough). If you die without a will, your assets, which includes your money, possessions, real estate, investments etc., get paid out to your beneficiaries according to the laws that are in place when you die. Those laws are not affected by any wishes you may have had beforehand. By preparing and signing a valid will, you get to decide how everything that you have worked so hard for will be distributed. It also allows you to do some estate planning, which may limit some taxes payable on death.
Multiple Wills—What They Are and How They Work
Multiple wills can help you direct how your assets will be distributed after your death and reduce fees on certain assets. In particular, they can reduce the costs associated with probate fees for assets not requiring a grant of probate. They are not recommended for everyone, but can represent significant savings to your estate in certain circumstances.