Life changes are challenging. Strategic estate planning can prevent the havoc that often results on account of an unexpected death or incapacity. That’s why prudent, reasonable people consult competent legal counsel to devise an estate plan which likely includes Will(s), power of attorney and possibly a trust.
Without proper planning, a death can result in taxes that might have been avoidable1, the distribution of the deceased’s assets in an undesirable manner and custody of children to less preferred guardians2. So let’s discuss how lawyers protect their clients’ estate interests.
Wills
A Will is a written legal document that sets out how one’s assets should be distributed after death. It can also contain funeral and burial instructions. A Will can also indicate who the testator prefers to take care of their young children. While that choice is not determinative, it is a very important factor taken into account by a court when deciding these matters.
A Will may deal with religious obligations, such as monetary obligations that arise on death. In the Jewish community, this is commonly referred to as Halachic Wills. These solutions are crafted together with a person’s Rav3.
People of means who have different types of assets may be well advised to have more than one will. Another wrinkle in estate planning arises if there are assets in multiple jurisdictions. There are many court cases resulting in avoidable lost money as a result of poor estate planning in these circumstances.
Power of Attorney
A Power of Attorney is a written legal document that appoints another person to manage the grantor’s assets upon incapacity and health care while one is alive. Every prudent, reasonable person who wants to make life easier and less chaotic for their adult children should have a Will and Powers of Attorney in place.
Many people believe that they can simply wait until ‘old age’ and then hire a lawyer to write Wills and Powers of Attorney. They might think that a simple estate does not warrant hiring a lawyer. They couldn’t be more wrong. Life is not so predictable. The best time to plan is before an emergency, when you can think clearly. When a loved one dies or becomes incapacitated, it will be too late to sign these documents. Confusion can arise inside the family, compounding feelings of shock and grief. This increases the chances of in-fighting and litigation. This is not the legacy that you want to leave behind.
A skilled lawyer will review your personal financial and family situation and use their experience to guide you on decisions such as:
- How to select an executor
- How to select a guardian for minor children
- How to meet the on-going financial needs of your spouse and children
The skilled lawyers at our firm have experience helping clients meet their estate planning and wealth distribution objectives. We work together with our clients to ensure that their unique objectives are met, providing services such as:
- Wills
- Powers of Attorney for Property
- Powers of Attorney for Personal Care
- Trusts
Call us for more information.
- See the blogs and video below:
- See the blog entitled, Who Will Have Custody of Your Children?↩
- See the blogs and video below:
- Unabridged version -Wagner – Halachic Estate Planning.final
- Estate Litigation and the Jewish Law | Halacha and Your Will
- Halachic Powers of Attorney for Personal Care
- Rabbi Moshe Feinstein and Halachic Wills
- Obligations of a substitute decision maker under the Ontario Substitute Decisions Act and Halacha.
- Are Halachic Powers of Attorney for Personal Care Binding in Ontario?↩