Estate Planning
We believe everyone needs an estate strategy. Why? Because it's not about how much money you have. It's about your control on what you have.
Strengthen your legacy
Think of it this way: if you don’t plan for your estate, it will inevitably be done for you. Most often the province will intervene, which can take a toll in taxes, time and additional emotional stress for loved ones. That is why it is important to develop an estate plan while you have the ability to do so yourself.
Estate planning is about life – the life of your family and loved ones, and the satisfaction you derive by knowing that you are helping provide for their financial future.
A well-considered estate plan makes it easier for your family and loved ones to cope during a difficult time, whether it’s addressing your health care needs or settling your estate.
Your estate plan should reflect your current circumstances, family arrangements, and finances, and may change over time especially as life evolves and your needs change. It’s good practice to review your Will at least every three years or whenever a significant change occurs in your life, such as getting married or divorced, having a child or grandchild, retiring, or experiencing a significant health event.
Do I even need an estate planning?
You may think that only people who are “wealthy” or have complicated family situations need an estate strategy, but that’s not the case. You would like to leave a lasting legacy by choosing how you want to be remembered.
We will recommend solutions that help maximize your estate’s value, while helping to ensure your beneficiaries will receive everything you’ve planned for them. We can help you understand how the decisions you make today impact the value of your estate.
Documentation and strategy?
An estate strategy includes several documents that work together to outline your wishes when it comes to finances and medical care – both during life and afterwards. So, what’s best for you? It all depends on your goals and what’s important to you. But here are some quick facts on the common types of documents or strategies that you should discuss with your estate-planning lawyer.
- Will
- Living trust
- Power of attorney
- Beneficiary designation
What do I need to know before I start planning for estate?
Are there specific assets you want to give to specific family members?
At what point would you want your family members and loved ones to receive specific assets? After your death, during your lifetime, or at a specific time?
Do you want to leave parts of your estate to charity? If so, which one(s)?
How important is it for you to minimize income tax and probate fees?
Do you have a life insurance policy to cover anticipated capital gains taxes that will arise after your death and protect your business against loss, if you own one?
Who do you want to transfer registered assets like RRIFs and RRSPs to? These accounts, depending on your beneficiary designations, can be transferred to a surviving spouse or common-law partner, a dependent, or a designated beneficiary. Just keep in mind that if these accounts are transferred to someone other than a spouse or a dependent, then the value of the account will be included as income on your final tax return.
Creating an estate plan with a valid will will make your transition from this world to the next easier for both yourself and your loved ones. You’ll have the peace of mind knowing that you put a plan in place and your loved ones will appreciate your willingness to think ahead on their behalf.
This is just a starting point to decide what may make sense for you.
Talk to us today to get started with your personalized estate planning.
