Proper estate planning and administration is vital to ensure the orderly and tax efficient succession of family assets and businesses. The adverse consequences of poor estate planning can be crippling to families. Increasing concern for privacy, consent, and self-determinations have also shown the importance of personal planning strategies to deal with incapacity and end-of-life care. Planning for these events sooner than later is important, as life has its twists and turns.
Estate administration and/or probate fees can also be budgeted and accounted for ahead of time, and not imposed at an unfavourable time in our lives. In addition, prudent planning can enhance asset preservation for your beneficiaries.
Personal tragedies are unplanned and therefore prudence in establishing powers of attorney and representation agreements will alleviate the additional stress related to asset oversight and end-of-life decisions.
