It may not be top of mind on a daily basis, but estate planning is one of those important tasks that you absolutely must make time for. Making a Will is actually much easier and less complicated than it may seem when you work with an experienced lawyer.

With families now coming in so many different shapes and sizes, your lawyer can help your blended family answer important questions, such as reviewing your obligations to legal spouses, ex-spouses, separated spouses and common law spouses. They can also advise you with respect to obligations for your children and step children, which may help avoid conflicts down the road.

Plan for unique needs

If you have loved ones with disabilities, it’s especially important to plan for their unique needs. Your advisors can assist with all aspects of setting up the right plan for the care of your dependent with a disability in the event of your death. It’s not one-size-fits-all when it comes to planning for family with disabilities. It’s important to arrange for the financial and personal care of your loved ones, and this involves both legal and practical considerations. In these cases, a Henson Trust is often required to provide for specialised care of your disabled family member as the future unfolds.

As we plan for a future after we’re gone, one critical issue is appointing someone who will administer our estates. Who will be in charge? The responsibility for distributing your assets according to your wishes or administering the distribution of income and capital from a trust are serious considerations. Speak to your accountant and lawyer, and have an open discussion with your family to achieve the best results.

Today, most people also have family and assets spread out in different jurisdictions around the world. Now is the time to plan what happens to your bank accounts or real estate holdings in other countries. Importantly for your beneficiaries, it’s also crucial to plan for tax burdens as these vary significantly depending on the locations of the assets or beneficiaries. Tax planning to recognize whether there is a Tax Treaty; whether there will be double taxation and other considerations mean you need to consult with your professional advisors to figure this out in advance and not leave problems after you’re gone.

Peace of mind

When you’re making your Will, you also need Powers of Attorney (POA). What is that exactly? A lot of people wrongly refer to them as living wills. What a POA does is puts someone in charge if, heaven forbid, you are no longer capable of running your affairs or looking after yourself. We never know when something might happen, and then it is too late to provide. This is very important to protect yourself and those you love from the insecurity of not knowing who has to make the hard choices. There are two POAs – one for property of all kinds, and the other for personal health. You need your bills paid and someone to make life decisions.

While planning a Will or POA can seem daunting, in reality, it’s typically a quick process and can provide great peace of mind. Be sure to work with an experienced estate lawyer who understands your unique needs. So, take this as your reminder to stop procrastinating, and call your lawyer today.