Q. Tanvi, why would you say that now the right time to start planning your estate?

A: Life is unpredictable, but one thing you can control is how your legacy is preserved. Wills and estate planning are crucial steps to ensure that your assets are distributed according to your wishes while protecting your loved ones from unnecessary stress and legal complications. Those of us in the legal field specialize in guiding individuals and families through the process of securing their future with comprehensive estate planning. It is never too early to start planning your legacy.

Q: Why is having a Will so important?

A: A legally valid Will allows you to dictate how your estate—your home, savings, investments, and personal possessions—is allocated after your passing. Without a Will, the government decides how your assets are distributed, which may not align with your wishes. More importantly, estate planning ensures that your loved ones are provided for, minimizing disputes and easing the administrative burden during a difficult time.

Q: What other key factors should you consider when planning your estate today?

A: Estate planning also presents an opportunity to leave a meaningful impact on your community as well as minimize tax implications. A growing number of individuals now choose to include charitable donations in their Wills, ensuring that causes close to their hearts continue to benefit from their generosity even beyond a lifetime. North York General Hospital Foundation, for instance, relies on community support to enhance healthcare services and improve patient care. Charitable bequests provide sustainable funds for life-saving initiatives, medical research, and vital hospital programs. A charitable bequest also provides a charitable tax receipt for the full value of your bequest which will help to offset estate taxes.

Q: How can your legacy share the values of your community?

A: In my work with clients, I believe estate planning is more than just a legal process—it’s about peace of mind and leaving a lasting legacy. Planning now allows you to craft a Will that reflects your wishes, protects your family, and supports the causes you care about. And remember, should anything change in future, you can always revise your Will or add a Codicil. By arranging your estate today, you can also plan your legacy for the future to honor both your loved ones and your community.