Estate Planning

We plan for many things in life but many of us fail to consider and deal with the consequences after our death. Estate planning helps you and your family prepare for your legal, financial and personal realities in the event of death or incapacitation. Estate planning is a collection of legally enforceable tools specifically designed to address the practical realities surrounding death and mortality. Preparing an estate plan is an essential task of every adult and allows those adults to control what happens to their estate after death. It is important to understand what estate planning is about and determine what sort of implications your estate may be subject to after your death. An experienced estate planning lawyer is a helpful resource for you to consult and assist with your estate plan.

What is an Estate?

An estate is simply whatever assets a person leaves behind after death. Everyone leaves an estate regardless of how big or small it is. There are probate laws governing estates to deal with what happens to the estate that is left behind and to facilitate the transfer of the assets to the beneficiaries.

Cost of Estate planning

The cost of an estate plan can vary significantly depending on the work involved and complexity of your situation. The easiest estate plan, with a basic a Will and Powers of Attorney, costs in the hundreds of dollars.  If your estate plan is more complex with variety of factors the cost may be in the thousands of dollars with the many hours of planning and preparing.   However, the cost of not having an estate plan or having a poorly implemented can cost considerably more than having a well thought out plan prepared with professional help.

What happens if you don’t have an Estate plan?

A recent Gallup survey found that only half of the adult population has an estate plan prepared. This is mainly attributed to the reluctance of individuals to want to think about their death and subsequently make plans following their death. In the absence of an estate plan, governing laws will automatically take effect on your death. You have no control over what these laws choose for your estate unless you plan ahead and implement your own estate plan.

SBMB Law has years of experience in estate planning. Call us today at 905-884-9242 today and speak directly with one of our Richmond Hill estate planning lawyers.