Wills And Estate Planning

1

How to start working with us.

Geolance is a marketplace for remote freelancers who are looking for freelance work from clients around the world.

2

Create an account.

Simply sign up on our website and get started finding the perfect project or posting your own request!

3

Fill in the forms with information about you.

Let us know what type of professional you're looking for, your budget, deadline, and any other requirements you may have!

4

Choose a professional or post your own request.

Browse through our online directory of professionals and find someone who matches your needs perfectly, or post your own request if you don't see anything that fits!

Why don't we deal with wills and estate planning matters?

Life is characterized by death and taxes. Canadians often think of ways to cut taxes. Do I Have a Question on Estate Planning? The Angus Reid Institute's latest survey shows half of Americans have not yet made the final will. The resulting legislation means that the estates of more than half the Canadian population can be controlled by provincial law of inheritance. Moreover, a quarter (35%) of willies have not expired yet.


Four changes to Ontario’s estate planning laws advisors and their clients need to consider

As we all know, estate planning is the process of organizing your affairs so that your loved ones are taken care of after you die. But what happens when the laws surrounding estate planning change?

In Ontario, there have been four changes to estate planning laws in the last year that advisors and their clients need to be aware of.

The first change is the introduction of the new Probate Fees Act, which came into effect on March 1, 2016.

Under the old system, the estate administration tax (EAT) was a flat fee of $5 for every $1,000 of the value of the estate. So, for an estate worth $500,000, the EAT would have been $2,500.

Under the new system, the EAT is now a sliding scale, with rates ranging from $250 for estates worth less than $50,000 to $6,000 for estates worth more than $5 million.

The second change is the introduction of the new Estate Administration Tax Act, which also came into effect on March 1, 2016.

Under the old system, the EAT was payable by the estate and was due within six months of the date of death. Under the new system, the EAT is now payable by the executor and is due within 60 days of receiving a notice of assessment from the Ministry of Finance.

The third change is the increase in the threshold for filing a notice of assessment from $1 million to $5 million, which came into effect on January 1, 2017.

This means that if an estate is valued at less than $5 million, the executor does not have to file a notice of assessment with the Ministry of Finance.

The fourth and final change is the introduction of the new Probate Application Fee Act, which will come into effect on a date to be determined.

Under the old system, the probate application fee was a flat fee of $200. Under the new system, the probate application fee will be a sliding scale, with rates ranging from $100 for estates worth less than $50,000 to $4,000 for estates worth more than $5 million.


Do you have a will?

Chances are, if you're reading this, the answer is no. But that's okay – we can help. At Geolance, we specialize in estate planning and making sure your loved ones are taken care of after you're gone.

We know it's not an easy conversation to have, but it's one that everyone needs to have. That's why we offer free consultations to help get you started on the right path. Don't put it off any longer – contact us today and let us help you make sure your loved ones are taken care of after you're gone.


So, what does all this mean for advisors and their clients?

For starters, it means that the process of estate planning just got a little more complicated. Advisors will need to be up-to-date on the latest changes to properly advise their clients.

It also means that the cost of estate administration is going up, particularly for larger estates. Executors will need to be aware of the new probate fees and plan accordingly.

Finally, it means that the threshold for filing a notice of assessment is now $5 million, which may come as a surprise to some executors.

If you have any questions about these changes or how they may impact your estate planning, please contact us. We would be happy to help.


Preparing a will and estate planning

Estate planning is the creation of a plan to manage your assets and affairs after you die. It usually involves preparing a will, which is a legal document that sets out how you want your assets to be distributed after your death.

Estate planning can also involve setting up trusts, naming an executor or administrator, and making arrangements for the care of your minor children.

Preparing a will is one of the most important things you can do for your loved ones. It gives you the peace of mind of knowing that your wishes will be carried out after you die and that your loved ones will be taken care of.

A valid will must be in writing, signed by you, and witnessed by two other people who are not related to you. You can prepare your own will, but it is always best to have a lawyer help you to ensure that it is done properly.

Estate planning is important for everyone, regardless of the size of their estate. If you die without a will, your assets will be distributed according to the laws of your province or territory. This may not be the way you would have wanted your assets to be distributed.

Estate planning is especially important for people who have young children because it allows you to name a guardian for your children in the event of your death. Without a will, the court will decide who will care for your children.

If you have any questions about estate planning or would like help preparing a will, please contact us. We would be happy to help.


What is probate?

Probate is the legal process of proving that a will is valid and that the assets of an estate are to be distributed according to the wishes of the deceased.

To probate a will, an executor must apply with the court. The court will then issue a grant of probate, which is a legal document that allows the executor to distribute the assets of the estate.

The process of probate can be complex and time-consuming, so it is important to have a lawyer help you if you are named as an executor in a will.


What if we looked at estate planning differently?

Instead of looking at it as something we put off until later in life, what if we looked at estate planning as an opportunity to leave a legacy?

There are many ways to leave a legacy. You can leave a financial legacy by making sure your loved ones are taken care of financially after you're gone. You can also leave a spiritual legacy by sharing your values and beliefs with your loved ones.

And, of course, you can also leave a physical legacy by donating your organs or leaving your body to science.

Estate planning is about more than just distributing your assets after you die. It's about making sure your loved ones are taken care of, both financially and emotionally. It's about leaving a legacy that will last long after you're gone.

If you have any questions about estate planning or would like help preparing a will, please contact us. We would be happy to help.


Wills and estate planning FAQs

Q: Do I need a will?

A: Everyone should have a will, regardless of the size of their estate. If you die without a will, your assets will be distributed according to the laws of your province or territory. This may not be the way you would have wanted your assets to be distributed.

Q: What is an executor?

A: An executor is a person named in a will to carry out the wishes of the deceased. The executor is responsible for ensuring that the assets of the estate are distributed according to the will, and for paying any debts and taxes owing.

Q: What if I don't have a will?

A: If you die without a will, your assets will be distributed according to the laws of your province or territory. This may not be the way you would have wanted your assets to be distributed.

Q: What is probate?

A: Probate is the legal process of proving that a will is valid and that the assets of an estate are to be distributed according to the wishes of the deceased. To probate a will, an executor must apply with the court. The court will then issue a grant of probate, which is a legal document that allows the executor to distribute the assets of the estate.

Q: What are the duties of an executor?

A: The duties of an executor include applying for a grant of probate, paying any debts and taxes owing, and distributing the assets of the estate according to the will.

Q: How can I make sure my wishes are carried out after I die?

A: The best way to make sure your wishes are carried out after you die is to have a valid will that clearly states your wishes. If you don't have a will, or if your will is invalid, your assets will be distributed according to the laws of your province or territory. This may not be the way you would have wanted your assets to be distributed.

Q: What is estate planning?

A: Estate planning is the process of making sure your assets are distributed according to your wishes after you die. It includes creating a will, naming an executor, and making sure your loved ones are taken care of financially.

Q: What are the benefits of estate planning?

A: The benefits of estate planning include peace of mind knowing that your wishes will be carried out after you die and that your loved ones will be taken care of financially. It can also save your loved one's time, money, and stress.

Q: What should I do if I have questions about estate planning?

A: If you have questions about estate planning, you should contact a lawyer or other legal professional for advice.


Canada revenue agency - estate and gift taxes

The Canada revenue agency (CRA) is responsible for collecting taxes on estates and gifts.

If you are the executor of an estate, you may have to pay tax on the value of the estate. The tax rate depends on the province or territory in which the deceased resided at the time of death.


Client Portal

The client portal is a secure online space where you can access your estate planning documents and information. You can also update your contact information, so we can keep you up to date on the latest news and events.


Why prepare a will?

A will is a legal document that sets out your wishes for how your property and assets will be distributed after you die. If you die without a will, your assets will be distributed according to the laws of your province or territory. This may not be the way you would have wanted your assets to be distributed.

Creating a will gives you peace of mind knowing that your wishes will be carried out after you die. It can also save your loved one's time, money, and stress.


How to prepare a will

There are many ways to prepare a will. You can do it yourself using an online service or software, or you can hire a lawyer.

If you choose to do it yourself, it's important to make sure that your will is valid. This means that it must be signed and witnessed by two people who are not related to you.

If you hire a lawyer, they will help you ensure that your will is valid. They will also help you with more complex estate planning, such as setting up trusts.


What to include in your will

Your will should include:

· Your full name and address

· The names of the people you want to receive your property and assets (your beneficiaries)

· The name of the person you want to manage your estate (your executor)

· Any specific instructions for how you want your property and assets to be distributed

· The names of any minor children you have and the person you want to care for them

You should review your will regularly and update it if there are any changes to your circumstances, such as getting married, having children, or buying a new home.


How much does it cost to prepare a will?

The cost of preparing a will depends on how you do it. If you do it yourself, it will likely be less expensive than if you hire a lawyer.

If you hire a lawyer, the cost will depend on the complexity of your estate and the time it takes to prepare your will. It's important to compare quotes from different lawyers before you decide who to hire.

Geolance is an on-demand staffing platform

We're a new kind of staffing platform that simplifies the process for professionals to find work. No more tedious job boards, we've done all the hard work for you.


Geolance is a search engine that combines the power of machine learning with human input to make finding information easier.

© Copyright 2024 Geolance. All rights reserved.