Estate Lawyers Role: What we do.

What is the Estate Lawyers Role

The role of an estate lawyer is to provide legal advice and assistance to clients in matters related to estates and trusts. This includes helping clients plan their estates, create wills and trusts, and manage the administration of the estate. They may also help clients with probate proceedings, tax planning, and estate litigation. Estate lawyers provide guidance on inheritance laws and regulations, advise clients on how to protect their assets, and represent clients in court if necessary.

How does an Estate Lawyer Help with Estate Planning

Estate lawyers can help clients create a comprehensive estate plan that takes into account their current financial situation and goals for the future. This includes creating documents such as wills, trusts, and powers of attorney. Estate lawyers can help clients navigate the complexities of tax law and advise them on the best ways to minimize their tax liabilities. They can also help clients plan for long-term care needs, protect their assets from creditors, and plan for their beneficiaries. Finally, estate lawyers can provide assistance in probate court, including filing the necessary paperwork and representing clients in legal disputes.

How does and Estate Lawyer Help with Estate Administration

An estate lawyer plays a significant role in an estate administration in Ontario. He or she is responsible for ensuring that the estate is administered according to the terms of the will, as well as any applicable provincial laws and regulations.

This includes verifying that the will is valid, locating and informing beneficiaries, filing an application for probate with the court, preparing necessary tax documents, and resolving any disputes among beneficiaries. In addition, they may also assist executors with managing assets, such as investments or real estate holdings, throughout the process of administering an estate.

FAQ for Estate Planning:

1. What is estate planning?

Answer: Estate planning is the process of anticipating and arranging for the disposal of an individual's assets after death. It involves the preparation of wills, trusts, powers of attorney, health care documents, and other legal instruments to ensure that an individual's wishes are carried out upon their death.

2. How does estate planning work?

Answer: Estate planning typically includes deciding how assets will be distributed upon death, minimizing taxes and other expenses associated with a transfer of property, providing for minor children or dependents, and making provisions for end-of-life medical care. Documents such as wills and trusts are used to put these plans in place.

3. Who needs estate planning?

Answer: Anyone who has any kind of asset should consider estate planning in order to ensure that their assets are managed properly after they die. This includes individuals who own homes, investments, businesses, or other property that would need to be transferred to someone else upon their death.

4. What should I include in my estate plan?

Answer: An estate plan should include various documents such as a will or trust, power of attorney documents (for both financial and medical decisions), guardianship arrangements for minors or dependents, and instructions regarding burial or cremation wishes or preferences regarding funerals/memorial services.

FAQs for Estate Administration:

1. What is the role of an executor?

Answer: An executor is responsible for carrying out the instructions laid out in a will and organizing the distribution of a decedent's estate.

2. How long does it take to settle an estate?

Answer: The time frame required to settle an estate can vary widely depending on a number of factors, including the complexity of the estate and whether any conflicts arise between parties involved. In general, most estates are settled within 6-12 months.

3. What documents are needed to serve as an executor?

You may also need to provide letters of testamentary from the court that appointed you as executor, revocable trust documents if the deceased had established a trust, and any other relevant documents requested by the court. It is also important to be aware of any other legal and/or financial obligations such as notifying creditors or dependents of the decedent's death, filing notice with any insurance companies or beneficiaries, and determining whether inheritances are subject to taxes.

Resources

1. Ontario Bar Association:

https://www.oba.org/laws-and-publications/publications/guide-to-estate-planning-in-ontario

2. Government of Ontario: 

https://www.ontario.ca/page/estate-planning