Importance of proper Estate Planning

/in , /by

estate planning torontoA lot of questions have been raised regarding the importance of estate planning over the past year due to the many celebrity divorces that people have been reading in the news. But is proper estate planning really important? The answer is very simple, yes. Here are the reasons:
• Estate planning ensures that all of your properties and estates are properly disposed according to how you want it to be in the event of very significant life events like marriages, divorces and even death.
• Estate planning is an extremely important factor specially if any unfortunate accident happens to you and your family will be left with confusion on what to do in your funeral.
• Since the estate plan includes a will, you can not only include the designation of different properties and assets but also include if you wish to undergo direct cremation or a traditional burial.

Things that are involved in Estate Planning
Estate planning actually involves a lot of things. Among them are :
 living wills
 powers of appointment
 powers of attorney
 designations of beneficiaries
 ownership and possession of properties and gifts.

Estate Planning and Divorce
According to statistics, one in every 2 marriages ends up in divorce; hence, estate planning should always be taken into consideration.
Celebrities are encouraged by their lawyers to have proper estate planning especially before they get married.

The estate plan will determine the conjugation of properties, decisions including health and other aspects of a couple’s married life. But what they are really concerned of is what happens in the event of a divorce.

Of course, people would not want their ex-husband or ex-wife to be a part of the decisions regarding their health even when they are not together anymore. So updating an estate planning should be done during divorce as well.

But even with these dilemmas, divorced couples usually still forget or choose not to update their estate plan which is a very wrong decision.
People would definitely not want to pay off their estranged spouse’s cremation costs if the other one dies after the divorce and they failed to update the plan.

That is why consulting a professional should be done. They can make or update the plan according to your preference.