Estate Planning
Estate planning helps you minimize or avoid probate, saves time and estate taxes. More importantly, it prepares you for the time when you cannot speak for yourself due to disability, incapacitation or, at the point of death.
When you don’t plan, you’re giving away your right and freedom to choose!
ESTATE PLANNING
Estate planning is about preparing a clear plan that details your instructions and wishes in the event of death, disability or incapacity.
Everyone needs an estate plan, not just the rich and elderly.
You need an estate plan if you:
- Own a home or business.
- Have minor children and/or special needs children.
- Personal property such as bank and retirement accounts, valuable art collections and collectibles, insurance policies, digital assets.
- Involved in a common-in-law or blended family relationship.
KEY ELEMENTS
A good estate plan provides a solid legal foundation for protecting your family, your financial security and assets, your wishes, and your independence throughout life’s transitions.
Your estate plan should be updated each time you experience a major life event.
Key elements of a good plan include:
- Will – leave-behind guide for those who have to settle your estate.
- Trust – legal tool permitting a third party, a trustee, to hold and direct assets in a trust fund on behalf of a beneficiary.
- Power of Attorney – legal document that authorizes someone to handle your financial and legal matters for you if you do not wish to make your own decisions or is mentally incapable of doing so.
- Representation Agreement –legal document for personal planning or advance care planning in the event of incapacity, for end-of-life, and other support needs.
- Beneficiary Designations – tool to specify who will receive your assets on your death. Assets include funds in insurance, registered assets (RRSP, RRIF or TFSA) and non-registered assets.
BENEFITS
A good estate plan can save your executor and heirs a lot of frustration.
Key Benefits:
- Make your retirement years more comfortable and help protect you from theft in the event of incapacity.
- Fulfill your life wishes.
- Reduce stress and problems for your loved ones or those who manage your affairs.
- Protect your assets and ensure they go to the people you want.
- Minimize family conflict and ugly legal battles among heirs.
- Minimize estate costs and taxes.
- Maximize your wealth for your loved ones, not the government.
Without good estate planning documents in place, the courts and provincial law will determine your personal decisions and wishes in the event of incapacity or death.
estate planning
Service
we provide guidance for preparing and setting up your estate plan
HOW CAN WE HELP?
Our estate planning service includes the following:
- Assess your circumstances and provide an independent view.
- Guidance on how to avoid common mistakes and pitfalls of estate planning. In our work, we have even seen mistakes in wills drafted by professionals, and the resulting frustration including the tax consequences.
- Assist with preparation of information required to draft your estate planning documents. This saves you money as legal fees are usually based on an average hourly rate of $300.
- Steer you to the appropriate legal professionals who can draft your estate planning documents with your parameters and/or advisors who can provide you with financial and tax advice.
- Help you organize your important documents and paperwork effectively in a file folder for easy administration for you and your executor.
- Guide and provide you with the relevant resources to make informed choices and decision for your estate planning.
BENEFITS
- Save you money, time and frustration.
- Time spent shopping for the appropriate legal professional.
- The right questions to ask your legal professional for your situation.
What Others Say...
Testimonial
KNOWLEDGE & EXPERIENCE
I was impressed with the advisor's communication skills and knowledge in estate planning.
Explains information in an "easy to understand" manner, guided by a "detail-oriented approach on a complex matter".
Excellent customer service, performance on delivery, and pricing.