Estate Planning, is the process of transferring your wealth to the persons or charity of your choice in the most tax-efficient and cost effective way. An estate plan consists of legal documents that facilitate the transfer.
Have you decided how your assets will be passed on?
Without a Will, your provincial government will determine how your assets are divided. If you are not able to manage your financial affairs due to an accident or illness, a power of attorney for property sets out the details as to how your affairs will be attended to.
How long does my Estate transfer take?
An Estate plan speeds up and creates an efficient transfer of the estate to the beneficiaries.
Are you aware of the taxes you owe on your Estate?
An Estate plan that includes life insurance can cover the cost of the taxes incurred on your assets. The federal government regards all of your capital gains on assets such as stocks and mutual funds as taxable.
Have you planned for costs that are incurred during an Estate transfer?
Probate fees, funeral expenses, executor fees and legal fees are usually incurred; Estate planning can minimize the impact of those expenses by having money designated for those costs.