Estate Planning Case Studies
Tim and Phil
Tim and Phil married a few years ago and purchased a new home a few years later. Tim knew from his difficulties dealing with his mom’s estate after she died without a will that he didn’t want to repeat the same mistake. The couple wanted to ensure that their assets went to their beloved nieces when they passed away.
Tim and Phil met with their lawyer to discuss their personal circumstances and their wishes for after their deaths. Together with their lawyer they came up with a plan for both of their estates and signed wills. They also decided that it would be wise to have powers of attorney to manage the other’s financial affairs in the event they can’t do so themselves. They enjoyed the peace of mind taking these steps provided.
Julie and Peter
Julie and Peter had been dating for two years and planned to move in together. Both were divorced and had adult children from their previous relationships. They wanted their respective children to benefit from their estates should one of them die while in their common law union. They decided to create a cohabitation agreement and new wills to ensure their wishes.
They each hired an independent lawyer and worked together to develop the agreement details, including terms that allowed them to leave their entire estates to their respective children. They also discussed how they wanted to disburse their estates and the details of their wills. The lawyers prepared the documents, and the two signed the agreement and their wills.