Estate planning is rarely as simple as drafting a will. If you want to protect yourself and your loved ones and make the most of the assets you’ve accumulated, you are likely to need complex legal solutions, and to take full advantage of the available estate planning vehicles.
Our team can help you address a number of complex scenarios. We provide thoughtful, in-depth legal solutions that secure your future, and your family’s.
When is a will enough?
A will is almost ever enough.
A will plus an adult guardianship provision and a power of lawyer provision might be enough if you have a handful of heirs who are all of age, and capable of handling their inheritances. In this case you’d want to make sure there aren’t any parties likely to launch into estate litigation, as well.
You might round out this level of planning with a solid life insurance policy with a few carefully selected beneficiaries.
In many cases, a will is an insufficient planning tool. This can be especially true when you plan to leave assets to minor children, or when you have a particularly contentious family. In addition,
Alternative Estate Planning Vehicles
We can help you set up a series of trusts with different purposes and advantages that can help you meet the specific challenges of your estate. Sometimes the interlocking relationships between your estate planning solutions can grow complex, but they ensure everyone gets control of the assets you want them to control after your death.
Trusts help to circumvent the probate process and save a great deal of time and money by providing clarity. They also protect your beneficiaries by making it much harder for other parties to get their hands on the assets.
By building as much clarity and protection as possible into the estate you vastly reduce the chance that your heirs may have to face litigation to get the assets you intend them to have. You also prevent legal fines and fees from being applied to the estate, cutting into your intended inheritance.
Dying Without a Will
The province will distribute your assets as outlined by the Wills and Succession act. Your spouse or interdependent partner will take priority, then your children, parents, siblings, and then more distant relatives.
In some cases this can mean your assets go to people you barely know, or who you don’t even like. It can mean losing vast portions of them to the probate process. When the assets aren’t particularly liquid, it may even mean the court forces their sale to pay out inheritances.
If these aren’t ideal outcomes for you and your family, then it would be wise to speak to a lawyer soon.
Why Merchant Law?
Our team of estate planners has decades of combined experience, which means we can handle your unique situation. We’re excited about helping you protect your family’s assets and interests.
Contact us today to be paired with a lawyer so we can get your questions answered and discuss your needs.