Estate Planning
The legacy you leave is important. Plan on peace of mind with Osler.
Planning for a future without you in it is heavy – we get that. Let’s plan together and take the weight out of it.
Having a carefully crafted estate plan with Osler means that your wishes are respected, your loved ones are protected, and you continue to have a positive impact after you’re gone.
- What is Estate Planning?
Simply speaking, it is a plan for what happens to your earthly possessions when you are no longer here or able to control them yourself. It is about more than your wealth or how you will it. It is about legacy. It is an enduring statement that speaks to your life, your values, what you’ve created, and who you love. It’s about having a voice when you can no longer speak for yourself.
Estate planning is an overwhelming and emotional process. It forces you to think about things most of us may not want to face. Estate plans are not set in stone, they are designed to evolve as situations change. Don’t feel locked in by these documents. We are here to amend them any time you choose. Preparation is the key to success. You’ve worked hard for the things you have, now let us help you preserve your legacy.
- Aren’t Estate Plans Just for Wealthy Folks?
Let us get straight to the point: no. Almost everyone has an estate, no matter how modest or monumental. If you own a home, a vehicle, real estate, art, furnishings, collectibles, stocks, personal investments, pensions, insurance policies, financial accounts, or a business, then you own an estate. You may ask, but do I need an estate plan? The answer is, absolutely. Estate planning is for everyone, at any stage of life. It is an essential element of financial planning in general and planning for retirement.
You’ve worked tirelessly to build security for your family, you’ve grown your finances, interests, assets, throughout the years. Perhaps you have a generational inheritance. Maybe you own something sentimental to your kin. No matter the size of your estate, it is always wise to cover all bases so that there is a smooth transition and distribution of inheritance, one that aligns with your preferences. A lot of people don’t have estate plans because they are procrastinating – facing one’s own morbidity is a difficult task.
- Isn’t Estate Planning Simply Writing a Will?
No. Legally, it is a more complex process, one that reaches further and is more encompassing. At Osler, we take care of everything from your home, investments, to personal keepsakes. Our main objective is to ensure that your wishes are fulfilled and that your loved ones, your interests – such as charities or organizations – even your pets, are taken care of.
An estate plan involves multiple documents to create and tend to. During the process you may:
- Create a Living Will.
- Create a Last Will and Testament.
- Nominate a Health Care Proxy.
- Nominate your Power of Attorney.
- Plan property transfers.
- Designate beneficiaries on your finances, insurance policies, retirement accounts and more.
- Set up Trust accounts.
- Detail funeral arrangements.
You have a vision for your legacy, we help you preserve it. By having the appropriate legal documents in place with Osler, your estate plan ensures you get final say in what happens to your assets when you are gone.
- What if an Estate Plan is Not for me?
At Osler, we believe that estate planning is for everyone. The consequences of not having one in place is akin to putting on a theatre production without writing a script. Like actors on a stage without directions, what ensues for those left behind is pandemonium, confusion, everyone is lost.
When tragic things happen, like death or illness, emotions run high, and turmoil ensues. Your loved ones are paddling through their grief. Without an estate plan, they will have to navigate a complex legal maze during an already challenging time. Not having a plan in place is costly and time consuming for your loved ones. It can lead to fractured familial relationships, bickering, fallouts and bad mental health. If there are minors, dependents who require care, or pets left behind, sound estate planning is a crucial component in ensuring their seamless transition to guardianship and safety.
Estate planning with Osler removes this burden and provides a clarified legal script, detailing how and when your assets should be distributed. Your forward planning reduces uncertainties, unmitigated costs, and potential conflicts.
- With accurate and timely estate planning, you can:
- Potentially reduce estate taxes owed.
- Minimize administrative costs - resulting in a higher financial endowment for your beneficiaries.
- Nominate guardianship of minors, dependents, pets.
- Estate Planning isn’t just about end of life:
- Estate planning covers you in other circumstances, not just end of life.
- Should you become ill or incapacitated, unable to make decisions for yourself or those you are responsible for, a comprehensive estate plan includes health care directives and financial powers of attorney.
- An effective estate plan enables your nominated agent to make decisions on your behalf and in your best interests.
- Estate planning is about peace of mind: knowing you’ve done everything you can to reduce stress for your loved ones.
- It ensures your legacy lives on in the way that you want.
The human condition has been long documented throughout history and is something we still grapple with. Others simply do not know where to start. It is an overwhelming matter all round. At Osler, we specialize in the craft of planning for the inevitable. At its most elemental, estate planning is a conversation about life, love, legacy. It is a valuable discussion to have with yourself, your lawyer, your loved ones. Give Osler a call today and rest easy knowing you’ve got a plan, and that your nearest and dearest will be cared for by people you trust.
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