Proactive estate planning, including preparing a will and a power of attorney, is a critical step in distributing your wealth and ensuring that your spouse, children, and other loved ones are taken care of should the worst happen.
Estate planning can be daunting and challenging, not least of all because it requires making delicate and difficult decisions. It requires guidance and advice from a lawyer with significant experience advising clients on such matters.
At Gelman & Associates, our Toronto estate planning lawyers have been aiding clients in protecting their wealth, minimizing their financial risk, and providing for their families for many years. We help clients tackle their immediate and long-term objectives and ensure their money goes where they want it to go. With our guidance, you can guarantee your legacy remains intact.
To schedule a consultation and discuss your path forward, call our Toronto office at (416) 736-0200 or fill out our online contact form now.
What is Estate Planning in Ontario?
Estate planning is a means of eliminating potential uncertainties and proactively addressing challenging decisions that family members may have to make if you become ill, incapacitated, or pass away.
Governed by Ontario’s Succession Law Reform Act, Trustee Act, and Estates Administration Act, individuals can create wills and estate plans that allow them control over their assets. Specifically, with an estate plan, you can decide how your assets will be distributed amongst your family members should something happen to you, and who will have control over your affairs.
Estate planning is not only for the wealthy or for those who have many assets. Anyone who owns property, has children, or has caregiving responsibilities can benefit from an estate plan. For example, you can decide how real estate, possessions, assets, finances, and other important property will be managed.
Key Tools Used in Ontario Estate Planning
Your Toronto estate planning lawyer can employ a range of tools to help you plan your estate. At Gelman & Associates, our legal team has experience developing:
- Wills: Wills are used to direct your assets, designate beneficiaries, appoint guardians over minors, and appoint executors to manage and distribute your property after you become incapacitated or pass away. A will can address any property that’s in your own name, although it cannot cover property held in joint tenancy or in a trust. Generally, wills are less expensive to prepare and less complicated to change compared to a living trust.
- Trusts: A trust is a legal arrangement where a person (the settlor) transfers assets to a trustee, who then manages these assets on behalf of the beneficiaries listed in a will should they pass. This can give greater control over the distribution of assets to settlors, help families avoid lengthy probate proceedings, and help with tax planning.
- Living Trusts: You are able to appoint trustees to manage your property even while you’re still alive. Living trusts typically only cover property transferred to the trust. They may entail high costs for legal and tax advice due to the necessity for yearly tax filings.
- Powers of Attorney: A power of attorney (POA) is a legal document that allows you to appoint someone to make financial or personal care decisions on your behalf, effective immediately or when you become unable to make decisions yourself. Since your power of attorney will likely be handling your legal and financial affairs, it is best to choose someone you trust and who has some experience in these fields.
- Living Wills/Advance Directives: Through a living will, you are able to detail your desires regarding medical treatment in circumstances where you are unable to express informed consent.
- And More
Important Factors to Consider When Estate Planning in Toronto
Important issues, questions, and concerns that often arise during the estate planning process include:
- How do I guarantee that my children will be taken care of?
- Who will I appoint as a guardian for my children?
- What are the potential implications of a separation or divorce on my assets?
- How do I protect my children’s inheritance if they separate from or divorce their partner or spouse?
- Should I leave my estate to my beneficiaries outright or through a trust?
- How do I most effectively deal with a cottage or vacation home?
- How do I best protect any of my assets (including property) outside of Canada?
- How can I protect my business?
- Should I leave my estate to a charity or other philanthropic cause?
- How do I minimize probate fees?
At Gelman & Associates, our highly experienced family lawyers provide clients with clear and pragmatic answers to these and other questions. We draw on our many years of both family and estate law experience to provide thorough, multi-disciplinary legal advice that covers all potential outcomes.
How Our Toronto Estate Planning Lawyers Can Help Clients
Planning your estate can be daunting, but our Toronto estate planning lawyers at Gelman & Associates are committed to guiding clients through every step of the process. With decades of combined experience navigating wills, trusts, and more, we can help you identify your best path forward when it comes to managing your assets.
At our firm, we provide a range of estate planning services, including:
- Drafting Documents: Our Toronto estate planning lawyers will help you draft your wills, trusts, and powers of attorney to reflect your wishes accurately.
- Managing Tax and Probate Considerations: When a will-maker passes and their assets must be distributed, an Estate Administration Tax (also called probate fees) must usually be paid. This is approximately 1.5% of any estate value over $50,000. We can help surviving family members, executors, and beneficiaries navigate estate taxes, probate, and more when their loved one passes.
- Estate Planning for Complex Family Situations: Our lawyers at Gelman & Associates have a background in a wide variety of family law matters. If your family involves second marriages, blended families, dependents with disabilities, disinheritance issues, or any other complex situation, we can guide you through the planning process at every stage.
- Reviews & Updates: We understand that your circumstances and wishes can change as you and your family evolve. Our estate planning lawyers are prepared to review and update your will to reflect your current life circumstances, whatever they may look like.
- High-Net-Worth Estate Planning: Our lawyers have experience handling estate planning for high-net-worth individuals who must plan for a variety of assets, including real estate, bank accounts, business equity, investments, and more. We can leverage a variety of techniques to help protect your estate and children from taxes, probate, and more.
- And More
We take a multi-disciplinary approach to our estate planning practice. By combining our experience in family law and estate law, we can help you create a plan that works for you and the rest of your family.
Contact Our Toronto Estate Planning Lawyers Today
Estate planning gives you control over your future. Our lawyers can provide clear, practical guidance. Contact Gelman & Associates today to learn how our lawyers can help you plan for the future.
With offices conveniently located throughout North York, downtown Toronto, Mississauga, Scarborough, Aurora, Barrie, and across Ontario, we are easily accessible by transit and off-highway. Call us at (416) 736-0200 or 1-844-736-0200 or contact us online for a confidential initial consultation.
