Everyone knows they need an estate plan but never really gets to it. However, it is crucial and basic for anyone who cares about their future. With the right estate lawyers, it is possible to come up with a reliable plan in Barrie. Below are some of the basic things you ought to do.
Sign a Will
A will is an important part of one’s life, especially if you are likely to have issues with your succession. It ensures that your heirs get exactly what you want them to. The most important thing is to select the right executor of your will, and this is where the right attorney comes in. If one does not have a will, there are laws governing succession, which may not favor your heirs.
Name Beneficiaries
Not all property will go according to the will, especially if it is not on probate. This means that shared property may end up with the other spouse. However, in cases like retirement plans and savings redeemable on death, whoever you name as your beneficiary stands to have access to this. Mention your beneficiaries to your lawyer, especially if things have changed in your life. You can shortchange your spouse and kids if you fail to change the beneficiary forms and something happens to you.
Consider a Trust
If you want to spare your loved ones the stress of going through a probate court, a time-consuming and expensive process, you need to ensure that you have a living trust.
Work on the Financial Power of Attorney
The goal is to give a trusted person durable power of attorney. This way, you are sure that your property and finances can be handled properly if you become incapacitated. You can be sure that your affairs will still run uninterrupted.
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