ESTATE PLANNING IN OSHAWA
Life can change in an instant. Your life and livelihood can be altered forever in just a matter of seconds. And, when it comes to preserving your assets and securing the future of your loved ones, you should only turn to a team you can trust. If you are searching for an expert team to put your faith in, Sheldon Stein Barrister & Solicitor is the right solution. If the unthinkable occurs, we want to help you with your possessions and wealth. We have provided legal advice on estate planning in Oshawa for over three decades. When you visit us for legal assistance, we ensure your financial assets are safe.
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An unforeseen incident can cause numerous unwanted legalities and penalties if you have an unplanned estate. At Sheldon Stein, we have assisted our clients by providing dependable estate administration and planning. Our services can help minimize stress and uncertainty for your loved ones during unfortunate circumstances.
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Wish to know more about how we can help you with your estate planning in Oshawa? Call us now!
Wondering What Estate Planning is?
In simple terms, estate planning involves making decisions about the transfer of assets in the event of an individual's passing away. Generally, estate planning is motivated by two desires:
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To ensure your assets are distributed as per your wishes and,
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To minimize liabilities
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Estate planning can involve numerous instructions and legal documents about decisions such as funeral arrangements, the setting up of trust funds, the ownership of your property and more. An estate plan will ensure that your will is carried out as intended and that your assets are used to support the people and causes that matter most to you.
Have queries about estate planning in Oshawa? Please mail us your questions to get expert answers from our seasoned lawyers.
The Components of Estate Planning
A thorough estate plan can give you the peace of mind that comes with knowing that your loved ones will be cared for if you pass away. It can also prevent confusion and conflicts over your assets and ensure they don't end up in the wrong hands. The following are the most pivotal components of an estate plan:
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A will: Your will is the most crucial aspect of your estate plan. It takes care of two main things. Firstly, it determines who will be your 'personal representative' in allocating your assets. Secondly, it gives clear instructions on how the estate division will occur.
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Power of attorney: The power of attorney or POA is a legal document that specifies the individual who will take charge of your finances should you become incapacitated. The lack of a POA gives the court full power to decide who to appoint for the task. This can end up being someone you don't desire to take up that role.
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Beneficiaries: Simply put, beneficiaries benefit financially from your will. These can include your spouse, children, parents and other family and loved ones. These designations take place through decisions regarding life insurance policies, bank accounts and retirement policies.
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Trusts: You can transfer your assets to a trustee to benefit your beneficiaries through a trust. The two types of trusts are living trusts and testamentary trusts. The former is funded while you're still living, and the latter becomes active at your death. Trusts give greater flexibility regarding instructions regarding the distribution of your assets.
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Tax planning: Your estate can be subject to tax contingencies, affecting the value of the assets your beneficiaries inherit. You can work with our lawyers to anticipate these taxes and work with them to ensure your loved ones are taken care of financially.
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Routine revisions: Creating an estate management plan is crucial but requires regular revisions. Several developments, such as relationship changes, can occur over time, and your will should reflect them.
Would you like to know more about estate planning in Oshawa? Please feel free to contact our lawyers with your queries. We can also help you with real estate matters.
The Benefits of Estate Planning
If you are on the fence about estate planning, we invite you to consider some of its numerous benefits. They include:
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Inheritance: The chief benefit of planning your estate is that it leaves no room for unwanted inheritors. Leaving a proper will ensures that your wishes are respected.
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Probate: Probate refers to the process where the court assesses a deceased individual's will and assets. While probate might not be unavoidable in some cases, prior estate planning can accelerate the process.
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Disputes: Unfortunately, issues regarding inheritance can lead to ugly familial disputes. A well-planned estate minimizes any confusion and disagreements regarding the distribution of assets.
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Children: Estate planning can also involve considering young children's well-being and financial future. With such comprehensive planning, you can have the peace of mind that comes with knowing your children will be cared for.
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Taxation: By using the assistance of an experienced lawyer while planning your estate, you can reduce taxation from chipping away at your assets. It will allow your family to save time as well as resources.
Would you like to discuss estate planning in Oshawa with us? Reach out to our team today.
Protect the Future of Your Family or Business
One should always be prepared for the unexpected. It is important to ensure your family is cared for, even in your absence. Sheldon Stein has worked with individuals and families across the Durham Region. Together, we craft client-focused wills, estates and powers of attorney to offer peace of mind to clients.
Our law office offers estate planning and estate administration services for clients seeking legal advice on succession matters. We can also help you plan the transition of ownership of your business or professional practice.
Contact our office today to discuss your wills, estates, and powers of attorney needs.
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Contact Us for Estate Planning in Oshawa
Sheldon Stein’s team of experienced and qualified lawyers is always ready to assist clients with wills & estate planning in Oshawa. We also offer services regarding real estate to help you structure your assets in the best possible manner.