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Why You Should Be Wary of Professional Advice Given on Social Media
In an age where social media dominates our daily lives, it’s no surprise that many of us turn to platforms like Facebook, Twitter, Instagram, and LinkedIn for advice on various topics. From health and fitness to financial planning and legal matters, professional advice is readily available at our fingertips. However, the ease of access and the convenience of social media can be misleading, and it’s crucial to approach professional advice shared on these platforms with caution. Here’s why:
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.
Understanding Trusts: Navigating New Reporting Requirements for Bare Trusts
Trusts are vital tools in estate planning, asset protection, and wealth management. They offer flexibility, privacy, and may, in certain circumstances, tax advantages. However, recent changes in reporting requirements, particularly concerning bare trusts, have implications for both trustees and beneficiaries. This article aims to provide an overview of trusts, focusing on the various types and the new reporting obligations for bare trusts.
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.