Estate Administration

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    Estate Administration involves the process of handling the affairs of someone who has passed away and distributing the assets they left behind. The person, people, or sometimes company, appointed to handle that process legally are called trustees, executors or administrators. 

    From paying debts, filing tax returns, preserving assets, collecting assets and distribution of the estate to the lawful heirs, the role of the executor is wide ranging. Each circumstance may vary in its complexity, depending on a variety of factors. From circumstances where no Will was made, to complicated family structures and asset holdings, each situation is different and having a lawyer that understands the area is critical. An improperly managed estate can lead to complications and costly outcomes, knowing your rights and obligations as either an executor, a beneficiary, or an interested party is important. 

    At Aion Law Partners we offer clear guidance in estate administration and have the experience and knowledge to guide you through the process while ensuring you are legally protected in your actions. 

    If you have been named as the Estate Trustee, it is best to meet with a lawyer for a detailed review of what is involved.

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    At Aion Law Partners we offer clear guidance in estate administration and have the experience and knowledge to guide you through the process while ensuring you are legally protected in your actions.

    Frequently Asked Questions

    What Is An Estate?

    The term “Estate” is used to describe the affairs of someone who has passed away. For example, if John Smith passed away, all of John Smith’s affairs left behind would be described as the “Estate of John Smith.” This includes everything from assets, to liabilities, and obligations.

    WHAT IS AN EXECUTOR, ESTATE TRUSTEE OR AN ADMINISTRATOR?

    The terms Executor, Estate Trustee and Administrator are often used interchangeably to describe the person, people, or party that are responsible for an Estate. The decisions of when or how to sell assets, complete tax and legal requirements and to deal with the rightful distribution of assets to beneficiaries (to name a few) are all part of the Executor, Estate Trustee or Administrator’s role.

    This role is appointed in a Will. When there is no Will, a court appoints a party, or parties, to take on the role. This can sometimes be long and costly when there are disagreements or when beneficiaries are hard to find. That’s why naming your choice of Executor in a Will is always the best option.

    4 Situations When You Might Need a Will and Estate Lawyer

    You work hard, and your dedication has helped you establish yourself and build a legacy you want to pass along. Our estates live on after us, and it’s important to make sure we take the steps needed to keep them intact and available for future generations. What sorts of situations call for will and estate lawyers, and what firm can you trust to help you with those issues?

    In this article, we look at common instances that could call for an estate lawyer in Toronto. You’ll learn how a lawyer for wills can help you plan for the future, the role estate lawyers can play when you set up a trust, and how a lawyer could assist you in planning for business succession.

    We also show you the importance of connecting with an ethical, hard-working lawyer to represent you in estate administration matters.

    As knowledgeable will and estate lawyers, Aion Law Partners understands that wills and estates are an important piece of planning for the future. Learn how Aion Law Partners may be able to assist you with this planning process.

    1. Our Estate Lawyers will help you with Drafting a Will

    Many of us want to preserve our possessions and pass them along to our loved ones. It’s natural to wish for our friends and descendants to benefit from and continue our work, and a family estate lawyer can help you make sure you’ve prepared your affairs properly in advance.

    There are many circumstances that call for you to draft a will. Perhaps you have established a nest egg and want to make sure it goes to your children, or maybe you have health concerns and need to put your affairs in order. Whatever your reason for creating it, a will can help prevent future conflict over such issues. Passing an estate to charity or another interest also requires you to have a detailed will to help the transition go smoothly.

    Aion Law Partners has years of experience assisting our clients in drafting wills that account for beneficiary needs, blended families, stepfamilies, and more. Our estate lawyers in Toronto are ready to assist you in safeguarding your estate.

    When you work with a reliable and trustworthy law firm like Aion Law Partners to draft your will, you can enjoy the peace of mind that comes from knowing your estate is going where you want it to go.

    2. Establishing Trusts

    You spent your life building your capital, and you want to make sure you can manage it, and pass it along, in a manner that allows you and potential beneficiaries to preserve your wealth and mitigate possible tax issues. A trust will help you establish a long-term plan for your family and business, and it lets you direct asset administration to best serve your wishes.

    Trusts are vehicles where you put your assets in, for the benefit of someone, but managed by someone else. They are most suited in second marriages, minors, or for giving to beneficiaries that have a disability and cannot manage their own affairs. In this way, they preserve legacies. A trust can also avoid probate taxes after death, and that could aid you in preserving your legacy.

    Do you want to set up a trust that acts as an education or benefits fund for your descendents? A will and estate lawyer at Aion Law Partners can help you with that and any other trust arrangements.

    If you are looking to develop a plan for your wealth that can help reduce your estate’s tax burden and let you guide its usage for generations, contact Aion Law Partners to talk with our will and estate lawyers.

    3. Business Succession

    If you own a business in Canada, you need to plan ahead and prepare for succession and turnover. 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.

    Having a business succession plan in place gives you peace of mind that your business is prepared for the future. It gives you the tools to establish sales prices for the business, set up exit dates for current owners, and iron out any potential administration or tax wrinkles ahead of time

    A will and estate lawyer at Aion Law Partners can help you take care of your business succession plans. We know how important your business is to you, and we want to help you keep it growing after you turn it over to new leadership.

    Aion Law Partners is standing by to work with you and build a succession plan for your needs.

    4. Estate Administration

    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.

    Circumstances for each estate administration differ; many estates have complex and entwined interests, and the executor is responsible for resolving them. Improper administration can lead to issues and even trustee liability.

    A will and estate lawyer can help you navigate potential problems in estate administration and fulfill your duties with care and love.

    Estate administration is a vital and necessary task, and our estate lawyers are here to assist you when you need it.

    Aion Law Partners is Here When You Need Will and Estate Lawyers

    In this article, we looked at situations that could benefit from you connecting with an ethical and reliable will and estate lawyer. You learned how a lawyer could assist you in dealing with drafting your will, establishing a trust, planning for business succession, and administering an estate.

    Aion Law Partners wants to help you with your estate issues. We understand that your wealth, property, and businesses are part of you, and our lawyers have the experience necessary to take on any problem that might arise.

    We know estate law, and we’re dedicated to providing client-focused service that places you front and center in our focus. If you need support to help you deal with an estate concern, we’re a phone call away.

    Want to find out more about how Aion Law Partners could be your right move the next time you need a will and estate lawyer? Contact us today, and learn what we can do to help you and your legacy.