Have you ever wondered what will happen to your assets after your death? If not, you are not alone! Most people don’t like to think about death. After all, nobody wants to leave their loved ones. But such is the circle of life! And hence, you need to ensure that your hard-earned assets are taken care of once you are gone. That’s where estate planning under the guidance of estate lawyers Barrie comes into play. Estate planning includes more than just drafting a will. It also includes the required distribution of your assets to the rightful heirs along with allowing the right people to take control over the assets.
You can do so by taking the help of estate lawyers Barrie who can guide you to create an air-tight estate plan. However, before you approach estate lawyers for further guidance, it will be beneficial to know what things you need to include in your estate plan.
- Wills and Trusts
It does sound complicated to draft a will, but it can help your family in the long run. Wills and Trusts allow you to ensure the distribution of your assets according to your wishes. And you can take the help of estate lawyers Barrie to draft the right will according to provincial laws.
- Durable Power of Attorney
This is the next document you must have in your estate plan. Power of Attorney will ensure that an agent or a person assigned by you takes the control of assets in your absence.
The absence of a power of attorney will leave the court with no option to choose the responsible person in your absence. And chances are you might not want what the court decides.
- Letter of Intent
Estate lawyers Barrie also suggest that you make a letter of intent in your estate plan. Although the letter isn’t valid in the eyes of law, it can help the court give a sense of your intentions. This will help the court make the right decision if your will is deemed invalid.
- Beneficiary Designations
There will be certain assets that will be given to the concerned beneficiaries outside your will. For example, insurance policies must have a beneficiary and a contingent beneficiary. You need to give your beneficiaries the required designations ensuring that your assets go to the person you deem worthy. If you don’t do this, the court will get involved and make decisions on your behalf.
At Owen & Associates Law, we suggest our clients plan their estate efficiently. Our estate lawyers Barrie will assist you in drafting an accurate estate plan as per your wishes. If you need consultation on the same, contact us now to know more.