Many people think creating a will is all it takes to prepare for the future. While a will is an essential document, it’s just one part of the broader concept of estate planning.
A will is a legal document that outlines how your assets will be distributed after your death. It allows you to name an executor and guardians for minor children. However, it doesn’t cover everything—like taxes, incapacity planning, or probate minimization.
Estate planning, on the other hand, is a comprehensive approach. It includes your will, power of attorney for property and personal care, trusts, and strategies to reduce taxes or avoid probate. It’s about protecting your legacy and ensuring your wishes are carried out during and after your lifetime.
In Ontario, working with an experienced estate lawyer ensures your plan is tailored to your needs and compliant with provincial laws.