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that may not be accomplished in a Will. It is important to keep in mind that some items may not flow through your estate, and thus may not be distributed in accordance with your Will. During the estate planning process it is important to speak with a lawyer experienced in such matters and knowledgeable of your unique situation.
A well designed estate plan can help minimize probate (and other) taxes, and can alert you to any personal statutory claims that may impact your ability to deal with your assets as intended.
A lawyer can discuss any potential claims that a dependant may have under Law, and with respect to any potential claims or entitlements. An awareness of such responsibilities and rights can help prevent unintended consequences or surprises upon death.
In addition to certain statutory claims, there are other legal limitations that must be considered when drafting a Will. Documents such as a marriage or cohabitation agreement, a separation agreement, or a shareholders agreement
(with buy/sell provisions, or option agreements) may also affect your Will plan, and thus it is important that such information be shared with your representative(s) when designing an estate plan.
In addition to determining how your estate will be distributed, a lawyer can speak to you about choosing an Estate Trustee, and the considerations involved in selecting an appropriate person (or trust company) to administer your estate. The potential responsibility and work involved in being an Estate Trustee can be significant, and thus appointing someone with the financial acumen and willingness to take on this responsibility is a must. Often times, people assume they must appoint a relative or child to act as an Estate Trustee because it would be “an honor”. While it may be considered “an honor” for some, the primary considerations should be choosing someone with the patience, ability and willingness to carry out this responsibility.
William R. May Funeral Home, Inc. - Page 29