
Wills and Estates
A will is a legal declaration by which an individual, the testator, names one or more persons to manage his or her estate and provides for the transfer of his or her property at death. It is essential that a will is properly drafted and executed to ensure that the true wishes of the individual are carried out. The person who makes a will is not available to explain him or herself, or to correct any technical deficiency or error in expression, when it comes into effect on that person's death, and so there is little room for mistake.
Estate planning involves utilizing a variety of tools and strategies with the goal of ensuring that there is no ambiguity about how the estate is to be administered. In addition, proper estate planning involves structuring it in a manner so that the beneficiaries will receive the maximum amount possible through efficient tax planning and expense reduction. Issues of guardianship for minor children and incapacitated beneficiaries are also dealt with.
It is particularly important, in today's society, where there are complex family structures involving multiple marriages, common law relationships and partially related offspring and siblings to ensure that all responsibilities and potential claims are considered so that sources of conflict be minimized. The aim is to avoid unnecessary family distress and possibly costly future litigation.
