Welcome to another blog where we delve deeply into the intricacies of estate planning
Let’s start by understanding what estate planning is
Estate planning is the process of communicating your intentions for how your assets and liabilities will be handled when you pass away. It isn’t always easy to think about, but putting together an estate plan will ensure your wishes are carried out and your loved ones are provided for. It’s also known as legacy planning.
Here are few examples to help clarify this concept:
1.Specifying your healthcare preferences as you age or fall ill.
2.Requesting specific funeral arrangements.
3.Choosing the beneficiaries of your estate.
4.Ensuring financial support for your family.
5.Naming guardians for any dependent children.
Now let’s explore the steps involved in estate planning that will ensure that your assets are transferred smoothly and according to your wishes
-Assess your estate
Inventory your assets and evaluate your liabilities
-Define your goals
Decide your assets distribution, consider the needs of your family and dependents and plan for potential incapacity
-Choose your key people
Select an executor for your will, appoint trustees for any trusts you establish, designate a power of attorney and choose guardians for minor children.
-Draft the necessary documents
Write a will, establish any trusts, prepare POA documents, create a healthcare directive and make beneficiary designations
-Review and update regularly
Life changes like marriage, divorce, births, deaths may necessitate updates to your estate plan and regularly review your documents to ensure they still reflect your wishes
-Consult professionals
Estate planning attorneys can help draft and review legal documents and financial advisors can assist in planning for tax implications and managing assets
-Communicate your plan
Inform your executor and other key individuals of their roles and ensure your loved ones know where to find important documents
The essence of the above discussion is that proper estate planning is essential for ensuring that your wishes are honored and that your loved ones are cared for after your death. Consulting with professionals and regularly updating your plan can help address any changes in your circumstances or the law.
So, what are you waiting for? Schedule an appointment today to get in touch with us:
M +1 (416) 523-2821
P +1 (905) 454-6452
E info@bestplanner.ca
195 Queen St E, BRAMPTON
ON L6W 2B3, CANADA
www.bestplanner.ca
