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How to Avoid Estate Planning Mistakes

a couple planning their estate with a lawyer

Have you drawn up a will? Everyone at some point in their life will need to start estate planning, no matter where you live or how much you have in your name. The process isn't just for the wealthy.

If you do not go through estate planning in Winnipeg, the big decisions after your death will be determined by the province. It might seem like a complicated process, but lawyers in Winnipeg can help, and if you follow this advice, you will avoid a lot of pitfalls.

 

How Estate Planning in Winnipeg Looks


Have you ever wondered, "what is estate planning?" Drawing up a will is a part of estate planning, but not the entire thing. Estate planning in Winnipeg includes documents in effect during your life and those in effect after like a will.

If you don't create a will and draw up a plan, your belongings, money, and titles can be distributed by the province and Canada, leaving your family and friends with much less than you would have arranged.

 

Make a Plan


One of the most avoidable mistakes is actually to start estate planning. Many people don't draw up a will or look at all their estate includes until much later in life, but you don't need to wait. 

And once you do begin your estate planning, make sure it stays up to date. You can find good lawyers in Winnipeg to help you make the proper arrangements and keep them current with your estate and your personal situation. 

 

Keep Your Future in Mind


As you plan, remember that old age can lead to costly retirement homes, medical bills, and more. Funding for your long-term care needs to be included when you work on estate planning since it can be incredibly costly and a crucial aspect later in life. 

 

Children and Beneficiaries 


You might think nothing bad will ever happen to you or the ones you love, and we all hope that's true. But the world is full of uncertainties, and unexpected loss does occur. If you have children or look after a dependent, make sure you consider them when working through your estate planning checklist.

Things can be easily overlooked when we don't consider them possible. And you don't want your child left without a guardian or any family or assets to their name when you aren't around.

 

DIY Drafting


Making a will and going through estate planning requires a lot of legal knowledge and shouldn't be attempted on your own. If you try to go through it by yourself, you may make some of the above estate planning mistakes with a whole lot more. There are many small specifics that a professional can help you with, so don't try to do it alone.

 

Get Your Estate Set Today


When estate planning in Winnipeg, there are many things to keep in mind, but you're on the right track if you follow these basic rules. Find lawyers in Winnipeg you trust who know the process, and you'll have a great plan in no time.

If you found this helpful in getting you started, check out these useful services at Cassidy Ramsay for planning your estate today.

 

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