Estate Planning 2022

People will often think that they have an Estate Plan, if they have a Will. They don’t. They just have a Will. That’s just one document.

There are some other documents which they likely require as well, including:

  • A Power of Attorney for Assets
  • A Power of Attorney for Personal Care
  • A Will for Probate
  • A Will for Assets not requiring Probate
  • A Will for Extra-Jurisdictional Assets
  • Guardianship Appointment
  • Statement of Intention
  • Transfer of Real Property
  • Trust Agreement
  • Escrow Agreement
  • Custody Agreement

I do appreciate that was 11, but the average person will require at least six.

HINT: obtain legal advice!

Note: every lawyer who does estate litigation wants you to write up your own documents after you have found them on the internet. More work for them in the future!

Don’t do it. It’s complicated. A mistake will costs thousands and may cause aggravation among the people you wish to benefit from your estate. Have an overall plan. A Will kit only provides you with one of the many documents you require.

If you try anything else, and make a mistake, you can probably correct it afterwards. With an estate plan, it’s too late, you’ll be dead.

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

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