![]() You can implement tax-saving strategies. By planning ahead you may be able to avoid some taxes on your estate through the use of trusts and other tools.You make things easier on your loved ones. A proper estate plan will not only put your assets in the hands of your heirs as quickly as possible but will also help them make important decisions about your finances and care if you are ill and can’t do so yourself.Even worse, if you have kids and both you and the other parent die while they are minors (under age 18), the court will name a guardian for them. You get to choose your heirs. If you die without a will (called dying “intestate”), there’s no telling who will receive your assets as it’s up to the courts to decide.Here are a few more specific reasons why you should plan your estate: In the same way that a financial plan can help you map out a path to your financial goals, an estate plan can ensure your final financial objectives-namely a timely and tax-efficient transfer of assets to your loved ones-are achieved. ![]() Estate planning can include creating a will, power of attorney, living will and trusts choosing an executor or trustee purchasing life insurance naming a guardian for minor children, and even outlining details about how you’d like to be laid to rest. ![]() ![]() In this articleĮstate planning is the process of pre-arranging how your finances and other assets will be used or managed when you die or become incapacitated. If you’re among that cohort (and you should be), our handy guide to everything estate planning will help you get it done. More than one-third (37%) of Canadians say that getting their end-of-life plans in order-including writing a will, funeral planning, and having difficult conversations with family about estate planning-is a priority for 2021, according to a survey from Willful, a leading digital estate planning company. ![]()
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