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Estate Planning Objectives

Many people realize at some point or another they may need to make to will. And they may think all they need to do is leave their property and assets to their children or a trusted friend or family member.

The truth is that estate planning is slightly more complicated than that. The actual drafting of testamentary documents is generally straightforward, but the actual creation of the plan is what can become a tedious process for the average person.

This is why it’s important to consult with an experienced estates lawyer. He or she can help you identify what needs to be addressed in order to meet your needs when it comes to estate planning.

As outlined by the Royal Bank of Canada, there are a couple of points to consider about how you may want to structure your will. An important tip they offer is to determine the purpose your will is meant to serve. There can be many different objectives, but it’s crucial that they are all conveyed clearly and legally.

For example, you may want to determine who will be your specific beneficiaries. Do you want to leave all of your assets to only your adult children, or would you want to set up trusts for grandchildren? Is there another relative of family that may benefit from some financial assistance? If there is a family member or someone who requires special needs or expenses, does your will allow for those specific expenditures?

Does your will reasonably shelter your surviving family or friends from any tax or probate fees? You may want to consider your options to help your family and friends avoid additional payments, such as passing physical property over to a beneficiary before the will is administered.

Once you have identified exactly what you want to your will to do for your family and friends, it’s best to have a discussion with a legal professional to find out what options you have to structure your will in the best way possible.

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