Estate planning, involves various elements but good planning can make it simple. Reading about the types of problems other people face can help you start developing an estate plan that considers your wishes and your family’s needs.
Some of the problems you want to consider are:
- Developing an estate plan
- Possible taxes
- RRSPs, Annuities and RRIFs
- Your Last Will and Testament
- Life Insurance
- Trusts
Estate planning helps you confront the “what-if” scenarios of your death. Maybe you think it’s too early; maybe you think your estate is too small to warrant a plan; or you think it is too involved.
Here are six good reasons why you should plan your estate now:
- You decide who receives a share of your assets.
- You decide how and when your loved ones will receive their inheritance.
- You decide who will manage your estate (executor, trustee, etc.).
- You may be able to substantially reduce taxes and expenses.
- You select a guardian for your child/children.
- You can provide for the orderly continuance or sale of a family business.
Now consider what can happen if you don’t have an estate plan:
- The government determines who inherits your assets.
- The terms and timing of the transfer of your assets will be dictated by law. For example, your children could be left unlimited control of a sizable estate, when they may not be ready.
- The court appoints administrators, whose ideas may not be compatible with your own.
- Costs are usually greater, due to expenses and taxes.
- The court might appoint a guardian for your child/children
- Financial loss and family hardships may result from an untimely forced sale of a family business.
Estate Plans
If you need a needed a simple plan or idea that is easy to understand. Some use life insurance, some annuities, and the rest a mix of both. The explanations are all brief but descriptive. Call us toll free at 1-877-842-3863 to discuss anything you do not understand.