Drafting a Will
Planning for the future is important, especially when it comes to ensuring that our possessions are passed on to our loved ones. A family estate lawyer can help you prepare your affairs in advance to ensure that your friends and descendants are able to benefit.
It’s important to ensure that your capital is well-managed and passed to your beneficiaries in a way that preserves your wealth and minimizes tax issues. A trust is an ideal solution that allows you to establish a long-term plan for your family or business and direct asset administration according to your wishes. They are vehicles where you put your assets in, for the benefit of someone, which are used to avoid probate, maintain confidentiality, and maximize tax exemptions in some cases. Some commonly used Inter Vivos (established while you are alive) trusts are Family Trust, Alter Ego Trust, Joint Partner Trust or Spousal Trust and Disability Trust. Testamentary Trusts are created through a Will where assets under a Will are directed into a trust. Testamentary Trusts can also be useful, including Qualified Disability (Henson) Trust, Lifetime Benefit Trust, and Spousal or a Common-law Partner Trust.
If you own a business in Canada, you need to plan ahead and prepare for succession. Your business is in many respects a part of you, and it’s essential to ensure that you arrange for a smooth and orderly transfer of leadership. A business succession plan provides peace of mind and tools to set sale prices, exit dates, and handle administrative and tax issues in advance. Aion Law Partners’ estate lawyers in Toronto specialize in creating business succession plans that cater to your specific needs. We can set up Secondary Wills or Multiple Wills to assist with your business planning. We will also help you fill in gaps your corporation may have, such as missing Shareholder Agreements, Partnership Agreements, and Powers of Attorneys. Lastly, an important part of business succession planning is establishing and updating the corporate minute books, which we can assist you with.
Administering a loved one’s estate can be a challenging experience. The trustee, also called executor or administrator, must ensure that all assets are distributed, collected, or preserved. Our Wills and Estates lawyers in Toronto can help you navigate potential problems in estate administration and fulfill your duties with care and love. We will also assist you in calculating the probate fees owed. This process is commonly referred to as the Probate process.