Here’s How to Avoid Expensive Mistakes by Hiring a Good Estate Lawyer
When it comes to estate planning, one wrong word or even a missing signature can completely ruin the intent of a will or a trust. Therefore, you should consider hiring an Ottawa estate lawyer. Planning the estate is serious business, so here are three reasons as to why you should search for a highly qualified attorney to plan your estate and draft your documents to ensure they are done the right way.
State Laws Make Estate Lawyers Necessary
There are very specific laws that specify what can and cannot be in a trust or a will. Not to mention, they control who has medical and financial power of attorney as well as who can or cannot serve as a healthcare surrogate, attorney, trustee, or personal representative. All the formalities need to be observed when signing the papers for financial and medical power of attorney along with a trust or will.
In some provinces, a personal representative has to be related to you either by marriage or blood, if not, then it has to be a resident of the province. There have been many times where friends or attorney’s from out of province try to become designated, but in fact, aren’t allowed to serve. This is why it’s so important to search for a qualified attorney that handles estate planning to avoid such a costly mistake.
Buyer Beware Without an Estate Lawyer
We see the term “buyer beware” on a lot of items, and estate planning is no exception. You should never search the internet for your own forms to do it yourself when it comes to the estate planning documents. If you do, your family will soon learn that either all or parts of the will, trust, or financial or medical power of attorney isn’t legally valid or won’t work as you had planned. By the time it’s all said and done, thousands of dollars will have been spent to fix the issues after the fact.
Sort Out Complex Financial or Family Situations with an Estate Lawyer
Check the status of your life and assets to figure out if you fit into one or more of these categories:
- You are on your second marriage or more
- You own one or multiple businesses
- You have real estate in multiple provinces
- A family member is disabled
- Your children are minors
- You child is a problem child
- You don’t have children
- You want to leave all or some of the estate to charity
- You have many assets in IRA’s and/or 401(k)
- You may have recently been divorced
- You recently lost a family member or spouse
- Your may have taxable estate for territorial/provincial and/or federal estate tax purposes
If you fall into one or more of these categories, you are going to need some advice and counseling of a seasoned estate planning attorney to come up with the documents. If you don’t. A probate lawyer and the provincial department of revenue and/or the CRA will take control of the biggest chunk of your estate.