If you have assets and liabilities, you should have an estate plan.
- Estate planning gives you the opportunity to make sure that those who depend on you have the resources they need to carry on.
- You can minimize taxes, ensuring that your wealth goes to your heirs, and not the government.
- You can ensure that your affairs are settled according to your wishes.
Certain circumstances require special consideration:
- Family-owned businesses
- Divorced & blended families
- Families with disabled dependants
- Families responsible for care of elderly relatives
- Same-sex couples.
Estate Planning Checklist:
- Up-to-date will, power of attorney, and living will or advance directive to your physician
- Selected an executor for your estate
- Selected a guardian for minor children or other dependants
- Adequate funds to support dependants
- Funds available to pay off debts and obligations
- Liquid assets to pay taxes and other costs of settling your estate
- Specified your funeral wishes
When to revise your estate plan:
- Marriage or divorce
- Birth of a child or grandchild
- Death of your spouse, other heir, or executor
- Acquisition of foreign property
- Change in province or country of residence
- Receipt of an inheritance
- Significant change in your financial situation
- Retirement or job loss
- Occurrence of serious illness or disability
- Starting or selling your business
- Changes in legislation that affect estate planning
If you do not have a lawyer, please contact us and we will be pleased to refer you to one.