WILLS AND ESTATES
At Vakili Law Group we help clients protect their assets by providing cost effective solutions to estate planning through establishing Trusts, Wills, Power of Attorneys and other more complex vehicles.
Appointing an Executor
One of the important components of your Will is to appoint a person to be the executor of your estate. The executor will be responsible for securing the assets of your estate, paying your debts and taxes, and dividing what remains of your estate among the beneficiaries. It is also important to appoint an alternate executor in case your first appointed executor predeceases you or is unable to act.
Appointing a Trustee
If your Will also creates a Trust then you will need to appoint a Trustee that will be responsible to ensure the Trust is managed and distributed according to your wishes for the intended beneficiary who is often a minor or someone incapable of making such decisions on their own. The Trustee can be the same person as the executor but does not have to be. When deciding on a Trustee keep in mind that managing the Trust can take years and as such you will want to select someone that will have the capacity to do so for many years after the Testator has passed.
A Will allows you to decide who you would like to benefit from your estate and in what proportions. In most cases, beneficiaries will be your spouse, children, siblings, friends or charities.
If you die without a Will
Generally speaking, if you die without a Will, then you lose your opportunity to save thousands of dollars in tax, court fees and legal fees. In addition, to ensure no loved one is left out from receiving intended benefits from your estate, it is paramount that you have a Will; otherwise, your estate will be arbitrarily divided. For example, a common-law spouse is not entitled to any benefits from your estate if you die without a Will. Similarly, common law spouses have no right to equalization of property in lieu of inheritance under the Family Law Act and your common-law spouse will end up fighting for support after your death.
If you need an experienced Thornhill Wills and Estates Lawyer contact our office at 647-352-2245.