Having a will and estate planning notary public by your side will protect you and your loved ones while you are living and long after.
What is Will and Estate Planning?
It is a process of creating a legal document that defines how an individual’s assets, business and property should be preserved, managed and distributed after their death.
Why Is It Required?
Determine How Your Assets Should Be Managed
Choosing how your assets should be managed is one of the major powers provided by will and estate planning. Even if you have joint assets with your partner, notarizing the documents will make the whole process smooth and simple.
Avoid Delays
While dealing with government agencies including Canada Revenue Agency, Service providers can be a complicated process causing delays in transferring properties as such major decisions can’t be easily made by Administration if there isn’t a valid will.
Protect Beneficiaries with Disability and Minors
One of the major reasons to have a proper will and estate planning notary public is that it protects beneficiaries with disability and minors. It protects people with disabilities by setting up a trust that will provide for their care and expenses. Similarly, a set is set up for minors to support them financially until they are old enough to manage themselves.
Minimise Taxes
Notarizing an estate plan will help you to minimise taxes and other costs associated with a property. There are various ways to achieve this including irrevocable trusts, lifetime gifting, estate tax exemptions and charitable giving.
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