YOUR LEGAL HEALTH
As with your physical health, you can avoid problems by checking your legal health. Such an annual legal check-up may uncover problems that can be corrected before they cause trouble. At the birth or death of a loved one, you may want to re-evaluate your estate planning.
A CHECK-UP MAY INCLUDE:
Wills and Estate Plans
Good legal health usually includes having an estate plan with a valid Will. Without a Will, your property may not be distributed as you desire, extra expenses and taxes may be incurred, and some family members may inherit your property against your wishes.
Trusts are another estate planning tool
A Trust is a document that allows you to transfer property to loved ones using a trustee to carry out your instructions. Trusts created in a Will are called Testamentary Trusts.
Trusts can also be created by a contract called a Living Trust. Living trusts can be useful estate planning tools for everyone, not just the rich. A Living Trust can help you avoid probate and keep your affairs private.
Review your estate planning documents whenever important life changes take place - when you marry, have a child, move to a new jurisdiction or lose a loved one.
IT IS TEMPTING “TO LEAVE WELL ENOUGH ALONE” AND TO AVOID DEALING WITH ISSUES UNTIL THEY ARISE. BUT TO BE FOREWARNED IS TO BE FOREARMED. ADVANCE PLANNING CAN PREVENT FUTURE PROBLEMS, OFFERS OPTIONS THAT MAY NOT BE AVAILABLE AT A LATER DATE, AND CAN SAVE YOU MONEY, TIME, AND GRIEF.
HOW OUR FIRM HAS HELPED CLIENTS
ESTATE PROTECTED - CARE ASSURED
An elderly man's wife was in Souris Valley Extended Care Centre, physically and mentally disabled. He was concerned that, when he died, the Public Trustee might take his estate and be entrusted with the care of his wife. We set up a Trust so his adult children had control of his wife's care and money. We transferred his property to his executors and included in the Will that the property was to be sold and divided among the beneficiaries. When the man died, his estate was very easy to manage, his wife was cared for, and his money stayed in the family.
A wealthy farmer's wife died and he was marrying for the second time. He wanted to protect his children and the family farm. We prepared a Pre-nuptial Agreement that ensured his children inherited the farm and other family assets.