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| Should I have a Will if I don't have children ? Everyone should have a Will, incuding you and your spouse. Believing that everything the two of you own will pass automatically to the surviving spouse when one of you dies is risky. Suppose that you and you spouse bought a house or opened a mortgage account as joint tenants several years ago, but the the lender or broker foulded up and mistakenly listed you as tenants-in-common - your interest in the property would not automatically pass to your spouse. Instead, it would become the subject of a lengthy probate proceeding and your creditors could ask that the property be liquidated to pay and debts that you left behind. |
| How will getting married or divorced affect my financial and estate planning ? Getting married or divorced will affect every facet of your life, especially issues the revolve around money. Everything from health, property, casualty and life insurance to checking , savings, investment, and retirement accounts will need to be revised. If children from a previous marriage are involved, tuition planning that was in the works will need to be recalcuated and revised - or begun. Devising a budget outlining where the money for the above is to come from ( who's pay check for example) is an easy way to track your expenses with transaction data obtainable directly from your bank. |
| When should I set up a Trust ? Do I need one at all ? It depends on the size of your estate and the purpose of the Trust. if you have a trust, your trustee can manage assets efficiently if you should die and your beneficiaries are minor children or others not up to the responsibility of handling the estate. Another reason for a trust is if you want to provide for any grandchildren whether they are living at the time of death or if you are anticipating their birth, A trust has many advantages if you have relatives with disabilities that makes it hard for them to manage money and a trust can protect your privacy, unlike a Will, a trust is confidential. |
| Should two people be appointed as joint guardians of my child(ren) ? It's perfectly legal to name a couple as guardians of your children, but it is suggested you only name a single guardian instead. Why? Beacause couples get divorced, or they can't agree on how to raise the children. Name the person you want, the one you trust to make the right decisions, and then the couple can work out their respective roles between them. |
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| Alternative Legal Solutions offers a free consultation to those in Barrie and surrounding areas. |
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