A report showed 40% of parents surveyed had never discussed their estate intentions with their heirs (BMO Wealth Institute). My experience shows this number may actually be much higher. You may hesitate to discuss death or incapacity for many reasons. Heirs may be reluctant to broach the subject for fear of appearing greedy.
It’s that time of year again. Yes, it is New Year’s resolution time. Was making a will one of your unfulfilled resolutions from past years? Is it on your “to-do” list for 2020? The good news is that with a modest investment of time and effort, you will be able to check this off your list in just a couple of weeks and you won’t even have to go to the gym to get it done!
To begin planning your estate is to think through the intricacies of your life, to think about your values and your family. But there is nitty-gritty you might be overlooking: the financial, the legal, and the shared understandings. Make time to consider what you might be over-looking before planning in earnest.
The largest obstacle to effective estate planning is procrastination. Sitting down to prepare a Last Will and Testament is not at the top of anyone’s “this is a fun thing to do” list. Yet death, like taxes is a certainty.
Everybody has a story, or has heard a story, about the nightmare that unfolded when a loved one’s life was tragically interrupted or cut short by injury or illness. Such a time in any family is fraught with fear, chaos and indecision.
An estate may need to be administered where there is property of the deceased to be transferred. Jointly owned real property or bank accounts, without survivorship, are some of the types of property that call for administration of an estate. If there is a will, it would be probated. If there is no will, the estate is intestate, and a petition for administration must be filed. A personal representative for the estate must be appointed by the Probate Court.
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