The Estate Planning Process

The Estate Preparation Process

( NC) – How do I begin? Start by making a list of those you want to remember in your Will. You will want to offer your dependants initially, however here is your chance to be innovative. You can provide a meaningful product to a favourite relative, honour a friend or set up gifts to companies and charities that you think in and support.
Prepare a list of the names and addresses of all the people that you wish to include in your Will. File this list in your Essential File File.
Precision in naming the individuals and companies to whom you want to leave money or home is essential when you make your Will. Your Will should leave no room for doubt. Identify each recipient plainly and precisely. Use care, various organizations might have almost identical names. Organizations will happily provide you and your consultant( s) with all required details.
Decide upon an Administrator or Co-Executors
Among a Will’s important functions is to name an Administrator (your individual agent) to settle your estate and carry out your Will’s terms. Select your Executor with care. You might want to call co-Executors, one a relative, the other an attorney, bank or trust business. The role involves submitting income tax return, investing assets and valuing and selling (or keeping) residential or commercial property. The job of estate settlement includes submitting the Will for probate (proof of credibility), securing and inventorying all your possessions and liabilities, paying your debts and taxes, then distributing exactly what is left as your Will directs.
Among your essential estate planning choices is your choice of Administrator. Even the best-laid plans will stop working if the individual you choose is not up to the job. An Administrator needs to be:
Trustworthy.
Willing, and have the time to act.
Objective toward all beneficiaries.
Able to make choices in a prompt style.
Proficient in business, financial investment and administrative matters at a level adequate to manage your estate.
Experienced and knowledgeable in estate and trust law and administration.
Preferably, your Administrator ought to be below you
Tips
Name an alternate in case your Administrator can not act or passes away before you
An Administrator, whether an independent professional or a relative, is entitled to sensible cost from the estate
Ask the person first to make sure they comprehend all the tasks included
If you do not have a Will, or if your Will has not been updated just recently, perhaps it is time to meet with an attorney and get the job done. Take the first step; call Ontario March of Dimes
toll-free at 1-800-263-3463 x 383 for a totally free copy of “My Individual Organizer” – a convenient estate planning tool