It’s hard to minimize the importance of estate planning. Not only is it a complex and time-consuming process – which is why so many of us put it off – it also forces us to confront our own mortality. Estate planning means taking stock of your life and organizing your personal and business affairs so they continue as you want them to. And, crucially, estate planning also involves managing and minimizing the costs and taxes associated with the distribution of your assets when the time comes.
It Needn’t Intimidate You
While all of this sounds pretty intimidating – and it certainly can be – the good news is that our team knows how to deploy a wide range of solutions necessary to get the job done.
Knowledgeable estate and trust planning experts will tell you that first and foremost, planning your estate is about having a legal Will. And if like 51% of adult Canadians, you don’t have one, this is the most elementary place to start. But the process doesn’t end with a Will. A carefully structured estate plan ensures that your:
- Family and dependents are cared for should something happen to you
- Assets go where you want them to go (beneficiaries, charity, in trust, etc)
The estate planning process, when conducted with the thoroughness and rigor it requires, can be both time-consuming and complicated. It almost always requires professional help and guidance. That’s where our team comes in.
Seven Key Issues
Broadly speaking, there are seven key issues to consider in estate planning:
- Ensure your estate plan is integrated with your overall financial plan.
- Have a properly drafted legal Will.
- Prepare Powers of Attorney (money and health)
- Name an Executor.
- Consider insurance strategies to protect your estate from taxes and potentially enhance its value.
- Consider whether trusts are appropriate – this will allow you to transfer the benefit of assets to family members, or other valued persons, while maintaining a degree of control over the transferred asset(s).
- Determine if charitable gift planning is a consideration.
It’s Complicated
That great movie It’s Complicated (2009: Meryl Streep, Alec Baldwin and Steve Martin) involved an almost superhuman degree of emotional and logistical stickhandling. In his review of the film, Roger Ebert referred to what goes on as ‘something between love and tantric rapture’.
This remark reminds us of the multi-layered complexities – and to the uninitiated, potential confusions – associated with the estate planning process. Why not let us help you with this challenge?
We’re talking about the interaction of a wide range of disciplines and laws here – legal, financial and logistical. The last thing you want to do is attempt it yourself – and truly, the peace of mind that comes from having a solid, personalized plan is well worth it.