Estate planning is a lot about having a will and more. It requires a good amount of planning to help alleviate the financial impact of your death on those that you leave behind. By spending a few hours and dollars every now and then, you can save the loved ones from paying at least 35 per cent of estate taxes. In a well created estate plan, you may be able to cut down on the tax bills and help your loved ones understand and prepare for any issue that arises with the sale of an estate.
You may die without a will and that may be a troublesome situation. In certain countries, similar to Canada, this is called dying intestate. Your relatives may go through probate and often claim ownership of the assets and even fight with others for it. The state often determines the way the property will pass hands and go on to heirs. If the heirs are able to fit the state’s way of things, then your property will automatically pass onto the state upon your death.
In case you have an estate will, this can prevent such an eventuality. The assets are then subjected to timely and costly probate processes that can involve court involvement.
When planning for an estate will, you can actually have a guardian care for the dependents and beneficiaries in case you die. There is an overwhelming responsibility that helps select guardians and then get their consent before it is listed in the will. The ultimate decision in terms of the guardianship si determined by court and often give a lot of priority to the parent’s decision and intent in the will.
Estate planning comes to be very important , hence to know more about estate planning Notarizers can guide you.
Contact Notarizers by email at firstname.lastname@example.org or by phone at 416-782-5926 if you require Estate Planning, Wills, Trustee, Powers of Attorney services