The task of writing a Will and planning for the disposition of one’s assets after you’ve departed our lovely earth has often been inappropriately considered by some to be a “simple” task.
While from time to time I do come across the “simple” situation, it is becoming far more common for me to deal with one or more facts that can make anyone’s need for planning more complex.
Over the course of my next blogs I’m going to discuss the circumstances that you may have in your family background or your estate that may make your situation not so simple. For now, take note that if you have any one or more of the following circumstances, you ought to give your Will plan some added attention. They are as follows:
- owning assets in a foreign jurisdiction (e.g. real estate)
- being a US citizen but resident in Canada
- being a citizen and resident of Canadian but owning US situs assets (e.g. the Florida home or stocks of US corporations)
- having a family member with special needs or in receipt of government benefits
- having a family member who is a “spendthrift”
- being in a second relationship
- blended families
- owning a family cottage
- owning a family business