Listen to this Podcast
6 Estate Planning Essentials
A recent poll by Angus Reid Institute revealed that 51% of Canadians do not have a will. Many people believe they are too young to need one, or they don’t have enough assets.
A will is the starting point of a good estate plan. It’s never too soon (or too late) to meet with your financial advisor and create an estate plan that’s done right.
- Make a will. The sad reality is that misfortune could strike anyone at any time, and the consequences for not having a will in place can be significant. If you are in a common-law relationship, for example, your partner could inherit nothing, and relatives or other important people in your life could be overlooked. A will ensures that your assets are distributed according to your wishes. A power of attorney ensures that someone you trust has legal authority to handle your finances if you become incapable of doing so.
- Choose an executor. The role of executor is an important one and the duties can be complex and time consuming. Be sure to select someone responsible and decisive who is good with numbers and paperwork. While the first impulse may be to choose an executor who is close to you, remember that your nearest and dearest will also be the most devastated by your passing. Consider naming a trusted professional as executor or make provisions to have your executor work with a professional who can provide guidance.
- Keep it up-to-date. Marriage, name changes, common-law unions, divorce, children, death of a beneficiary or executor — these are just some of the life events that can render your will out of date. It’s a good idea to review it every couple of years to ensure that nothing has changed.
- Minimize estate taxes. Many people try to avoid probate taxes by incorrectly naming beneficiaries on RRSPs or by jointly owning assets such as houses or bank accounts. These attempts can create unforeseen problems and may actually be more costly. It is essential that you get expert advice on the best way to deal with assets to minimize taxes.
- Think ahead. Sometimes, the best way to avoid taxes and enjoy your legacy is to give a gift while you are alive. Consider making a gift to mark an occasion such as a special birthday or to help them achieve a milestone such as contributing to education or buying a home. Similarly, a donation to charity gives you both the satisfaction of giving and a tax deduction.
- Get help. A good advisor will encourage you to think about your estate as part of your overall financial plan. Your advisor will also ensure that everything is properly structured to minimize the tax burden on your estate.
Connect with your advisor to talk about your estate planning management to ensure every aspect of your financial plan is complete.
More Financial News & Events
Disruption and Reinvention: Starting a Second Career in your Forties
Jan
How to create a strong financial fortress during market downturns
Jan
Creating a Financial Vision Board for 2023
Jan
5 Tips to set yourself up For Financial Success in 2023
Jan
Year-end Donation strategies
Dec
Year-end tax planning
Dec
Getting clients organized for 2023
Combating Quiet Spending
Nov
Our Client’s Journey to Building Financial Confidence
Nov
How Working with an Advisor can Improve your Confidence
Nov
A letter from the CEO’s desk
Nov
Getting Psychologically Ready for Retirement
Oct
Retirement Planning for Business Owners
Oct
Top Issues Clients Face with Retirement
Oct
What Risk Means for your Investment Portfolio
Oct
Finding Investment Opportunities in the Market
Sep
Behind The Scenes On Helping Our Clients Choose Investments
Sep
How to Deal with Debts Amidst Rising Costs
Sep
Buying and Selling Homes as Prices Fall
Aug
Parenting and Back to School
Aug
Dealing with the high cost of living
Aug
Ask Team Jackie Porter Series – Financial Planning with Jin Lee
Aug
Budgeting for Home Renovations
Jul
Mental Health and Finances
Jul
Planning a Vacation Post Covid
Jul
Dealing with spending pressures
Jun
Behind the Scenes – Working with Lawyers on a Financial Plan
Jun
Positive Experience with Financial Planning – A conversation with Erin Leslie
May
What Are the Process of Putting Together a Financial Plan? – A conversation between Jackie and Jin
May
Creating Financial Transformations
May
Building A Brand Effectively in Second Quarter – A Conversation with Cassie Drake
May
How to boost your business mojo – A conversation with Valeri Hall Little
Apr
How to make a financial fresh start second quarter? 5 principles from Jackie Porter
Apr
The #1 Challenge that Leaders Face, from the Founder of Green Apple Consulting – Lisa Mitchell
Apr
What is entrepreneur resilience? A conversation with Karen Dean
Mar
Barriers that Women Face to Access Healthcare – A conversation with Sara Byrnell
Mar
Six Action Steps You Can Take To Build Your Financial Confidence
Mar
How do we build lasting relationships and what leads to the honeymoon being over? A conversation with Gary Direnfeld
Mar
Re-visiting the Wedding Ritual in 2022
Feb
What Does a Private Investigator Know About Love, Money & Relationships
Feb
Myth-Busters: Everything Small Businesses Should Know About Funding
Jan
Slay Your Impostor Syndome
Jan
How to Form A High Performing Team for Your Business
Jan
2021 Holiday Shopping Trends and Tips to Help Your Wallet
Nov
How to Financially Start Your Divorce Journey
Nov
Divorce Planning in the Pandemic
Nov
How to Deal With Financial Trauma
Oct
Lessons for Small Business Owners in 2021
Oct
Small Business Resources for Start-ups
Oct
Top 6 Real Estate Trends and Strategies
Oct