The estate planning questions you will be asked by your lawyer

Estate Planning with your lawyer

Jul 5, 2016

Creating an estate plan is necessary to ensure that your assets are distributed and handled on your terms upon your death. Your Niagara Wills and Estates lawyer will help you to create the documents necessary to implement those wishes.

The questions that you will be asked during your meeting with an estate planning lawyer will be tough, so it is important to be prepared. You will need to understand your personal and financial objectives and be honest about how your decisions will affect your family members and associates after your death.

Establishing your estate plan

When you meet with an estate planning lawyer to develop your plan, you will be setting out your estate planning goals and objectives, including how you will provide financial security for your family, the distribution options and determining who will be your children’s legal guardian in the event of premature death.

In order to create your estate plan, your lawyer will ask you questions that establish your objectives and will demonstrate how legal tools (like trusts) can help you to achieve these goals.

You should be prepared to answer the following common estate planning questions from your lawyer:

  • Do you have a will?
  • Do you have a power of attorney (property and/or personal care)?
  • Have you established a disposition process of your estate plan?
  • What are the income needs or your spouse or family members (those financially dependent on you)?
  • What are your intentions for jointly owned properties?
  • Are there specific assets you want specific people to receive?
  • When do you want your beneficiaries to receive these assets?
  • Have you thought about postmortem income splitting?
  • Have you considered assets, beneficiaries or family members in other countries?
  • What is your plan to reduce or defer the taxes payable upon your death?
  • Have you established any trusts?

Once your plan has been established

Once your plan has been established, you will need to choose who you will share these details with. Consider who needs to know about your estate plan and how much they need to know about it. You should also consider when an appropriate time would be to tell family members.. You should also monitor your plan and keep it up-to-date to ensure that your changing needs are met.

Your wills and estates lawyers will work closely with you to ensure that you create an estate plan that covers the details of your will and ensures that your wishes are met upon your death. Your estate lawyer will provide advice on any legal issues surrounding the plan and will draft necessary documents and agreements on your behalf.

Chown, Cairns’ Wills and Estates team can help you to meet your goals, connect with a member of our law firm below. 

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