When estate planning, you might be wondering how you can leave assets to someone who does not have the capacity to care for themselves due to living with a disability. We understand that there is a constant worry about trying to protect them even after you are gone.
Wills & Estates
Making a power of attorney or other arrangements as part of your life planning allows you to choose whom you want to make decisions for you should you become mentally incapable.
What happens to your Facebook profile after you become incapacitated or pass away? What about your email account? The rest of your digital assets? In Ontario, there is no legislation dealing with this type of ownership, so you may wish to include digital asset transfer of ownership in your will. Your digital estate plan should include your passwords and your wishes for these accounts after you are no longer able to control them.
According to the law, common-law relationships are not treated the same as married couples in Ontario. If your common-law partner dies without a will and has not named the surviving partner a beneficiary on their assets, the survivor will be omitted from the estate and all assets will be divided amongst children and the deceased’s family.
Your pets are a big part of your family. So, what happens to them after you are gone? If you are suddenly incapacitated or pass away, do you have a plan for your beloved pet?
As you can imagine, there are many factors to consider when estate planning with blended families.
Should I add my child to the title of my home? When your child is listed as a joint tenant, it is likely that the home will be their primary residence. There will be potential income tax complications, like capital gains, from doing this. In Ontario, your child will forfeit their first-time buyer’s exemption for the property transfer tax on the home purchase.
In Ontario, probate fees are among the highest in the country. There are some ways that you can help your loved ones avoid paying some estate administration tax (EAT) after you are gone.
A Secondary Will can help reduce the amount of tax that your loved ones will have to pay in EAT. A Secondary Will is not applicable to everyone, though. Your Secondary Will only covers assets that are not required to go through probate.
When thinking about guardianship for your minor child, finances can be a concern for your guardian. On the blog we have some questions that you need to put some thought towards when thinking about the future for a potential guardian and your child.
Estate planning is a topic that a lot of people avoid.
Allison McMurter-Hughes sat down with Gary Hibbert and talked about the first steps to estate planning and what you need to do today to prepare for the future. Listen now.