Any legal matter contains hidden fees; that’s a given. This is why it’s smart to benefit from the services of lawyers for wills, estate planning, and related items.
The thing about closing an estate is there are multiple parties involved in the transaction. And those individuals might not necessarily be like-minded.
The longer the negotiations go, the more money you spend. A lawyer can help you get over a lot of issues:
1. Settling Matters Among Parties
If you and your brothers, sisters, and cousins get along nicely, you will have nothing to worry about. But that is wishful thinking. Not everyone has great family relations.
As such, you might need the services of estate lawyers for wills that exclude certain family members.
This is because any relative has the right to object to being excluded. You may find yourself paying legal fee after legal fee. Consulting a lawyer beforehand will save you a lot of time, money, and headaches.
2. Lawyers for Wills That Contain Child Beneficiaries Are a Must
Speaking of planning ahead, you should definitely take this case into consideration. Let’s say an uncle is leaving his estate behind to his favorite niece. The paperwork suddenly gets more complicated.
A lawyer can help you set up a trust fund for the child, and his or her legal guardian can do all the signing. Therefore, you save money on further legal fees.
In fact, this not only applies to cases where a child is involved. Have a reason to suspect the beneficiary is unable to make their own decisions? You can implement the same principle as above.
3. Does the Heir Live in Another Country? You’re in for Some Trouble
Here’s what costs could be involved in this case:
- Any documents written in a foreign language will need to be translated. And not by any translator, but one approved by the courts in Canada. That could cost you enormously in translation fees.
- They might also be required to visit a Canadian Embassy to get their documents notarized with the proper stamps. Traveling overseas, or even from the US to Canada can be expensive.
- You need to check what estate taxes the heir’s country of residence has. Canada does not have an inheritance tax, but other countries could have special rules.
Dealing with all of these can be troublesome. If you consult lawyers for wills in which foreign beneficiaries are involved, make sure to give them all the information they ask for.
4. Speaking of Inheritance Taxes
Yes, as we mentioned before, Canada does not have inheritance taxes. But there are certain fees you have to pay depending on a few factors:
- Income tax due to deemed disposition. Anything you own which is not accounted for on the final tax return is subject to taxation.
- Un-transferred RRSPs and RRIFs. You will need to transfer these retirement funds to your beneficiary. Otherwise, they are subject to taxation.
5. Keep Track of Your Money
When everything is taxable, it helps to keep track of your money. Otherwise, you just end up spending time trying to backtrack everything. You don’t need anyone to tell you how unproductive that is.
Similarly, let’s say the deceased was bad at keeping these records. You might have had an aloof uncle who did not bother with receipts. It helps if you have someone there to guide you through the paperwork.
Are you or your relative the executor of a will? Are you thinking about making your own will but cannot deal with the finer details? Contact us today, and we will guide you through the whole process.