Estate Law
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Estate Law and how Hart Law can help you.
Estate law governs the management, distribution, and transfer of assets, ensuring your wishes are honored and your loved ones are protected. From drafting wills and trusts to navigating probate and minimizing taxes,
Frequently Asked Questions
General Estate Planning Questions
Frequently asked general estate planning questions focus on the necessity of a will, the role of trusts, updating plans after life changes, and ensuring proper asset distribution and protection for loved ones.
Do I need a will, and what happens if I die without one?
A will ensures your assets are distributed according to your wishes. Without a will, provincial intestacy laws decide how your estate is divided.
What is the difference between a will and a trust?
A will takes effect after death and outlines asset distribution. A trust can take effect during your lifetime and may offer tax benefits and privacy.
How often should I update my will?
Update it after major life events like marriage, divorce, the birth of a child, or acquiring significant assets.
Probate and Estate Administration
Frequently asked probate and estate administration questions address the necessity, duration, and process of probate, as well as handling disputes, executor responsibilities, and asset distribution.
What is probate, and is it always required?
Probate is the legal process of validating a will. It may not be required for small estates or assets jointly owned or with named beneficiaries.
How long does probate take in Canada?
It varies by province and complexity but typically ranges from a few months to over a year.
What happens if someone contests a will?
Disputes are resolved in court, often involving claims of undue influence, fraud, or improper execution of the will.
Taxes and Financial Questions
Frequently asked taxes and financial questions focus on inheritance taxes, strategies to minimize taxes on estates, and the tax implications of various asset transfers and designations.
Are there taxes on inheritance in Canada?
Canada does not have an inheritance tax, but the deceased’s estate may owe income tax on capital gains and other assets.
Can I minimize taxes on my estate?
Strategies like setting up a trust, gifting assets during your lifetime, or naming beneficiaries for RRSPs and TFSAs can reduce taxes.
Specific Concerns
Some specific concerns address excluding individuals from a will, inheritance rights of common-law partners, handling jointly owned property, and providing for minor children or dependents.
Can I exclude someone from my will?
While you can exclude individuals, dependent family members may challenge the will under provincial laws.
What happens to joint accounts and jointly owned property?
These usually pass directly to the surviving co-owner and are not subject to probate.
Who can act as an executor, and what are their responsibilities?
An executor administers the estate, including paying debts, filing taxes, and distributing assets. Choose someone trustworthy and capable.
What legal rights do common-law partners have to an estate?
Rights vary by province; some offer similar inheritance rights to those of married spouses, while others require explicit provisions in the will.
Other Common Concerns
Popular common concerns explore topics like appointing guardians for minor children, managing digital assets, and the risks of DIY wills versus professional legal guidance.
How can I ensure my minor children are cared for?
Appoint a guardian in your will and consider setting up a trust for their financial needs.
What happens to digital assets and online accounts?
Include instructions in your estate plan for managing or transferring digital assets.
Can I prepare my own will?
DIY wills are legal if they meet provincial requirements, but consulting an estate lawyer reduces the risk of errors.