Estate Planning

Despite its importance, many Canadians shy away from estate planning. They believe it is strictly for the wealthy, those with multiple dependants, or those who are in or approaching retirement. However, the truth is that as long as you have assets and liabilities, you need as estate plan. The reasons are quite simple: 

►    Estate planning gives you the opportunity to ensure that those who depend on you have the resources they need to carry on.

►    Estate planning can help minimize taxes, ensuring that more of your wealth goes to your heirs, and less to the government.

►    Estate planning ensures that your affairs are settled according to your specific wishes

Despite the benefits, estate planning can present many challenges. It can create mixed feelings by forcing you to face up to your own mortality. It can be a difficult topic to discuss with family, And depending on your situation, developing your plan can involve complex issues and regulations.

However, the consequences of not having an estate plan can be devastating, especially for those you leave behind, for instance, dependants may be left with insufficient funds, or children may be faced with issues surrounding guardianship. That's why getting good advice is so important.

Proper estate planning is critical for all Canadians. It can provide you with peace of mind that you can share with your family and loved ones, secure in the knowledge that their interests and yours are well looked after.

You'll probably find it a relief to get your estate plan established, but simply setting a plan in motion is not enough. Your estate plan will continue to evolve along with your financial objectives and changes in your life.

Plan to revisit your estate plan every few years to keep it up to date. If you make significant changes to your estate plan, it's a good idea to share those changes with the individuals affected. that way you can avoid any misunderstandings later on. 

The information contained in this commentary is designed to provide you with general information only, and is not intended to be comprehensive advice applicable to the circumstances of any individual. We strongly urge you to seek professional assistance before acting upon information included herein.