Estate Planning
What WILL happen after you're gone?
What is the one thing that every living adult should have? That’s right…a will. If you don’t have one, and the majority of adults don’t, it’s time to remember that third “P” and stop procrastinating! A will is important even if you don’t think you have anything of value to pass along. Here’s why.
If you die without a will, the laws of the province in which you live will determine the division of your property and assets without any consideration of your wishes, or the wishes of your family members. This could result in significant conflict within your family when it comes to items of sentimental or monetary value. Other matters that will be decided without your input if no will exists include guardianship of minor children and the executor of your estate. There are a lot of things to consider when creating a will, so it is strongly recommended that you seek professional advice.
Estate planning
Along with a will, you should also consider estate planning as a way of protecting your assets during your lifetime, while ensuring that they are distributed according to your wishes after your death. Some common estate planning tools include wills, trusts and life and long-term care insurance.
Due to the complex nature of tax and estate laws, it is strongly recommended that you obtain professional legal and tax advice when doing your estate planning. And remember to update your estate plan whenever you have a major life change such as a marriage, divorce, birth or death in the family.