Estate Planning is the process of anticipating and prearranging the final distribution of your assets. A sound estate plan will help maximize the value of your estate by reducing taxes, probate and other expenses while minimizing the administrative burden for your executor. This involves the use of wills, trusts, beneficiary designations, property ownership, (joint tenancy contracts) and gifts.
The most important element of your estate plan is your will. Objectives change over time and your will should reflect these changes to ensure that your estate is distributed as you wish. If your children are self-sufficient, that may have a bearing on how you distribute your estate. You may have valuable assets, such as a family cottage, that require a careful tax minimization strategy before the property is passed on.
Assets with named beneficiaries, such as RRSPs, RRIFs, segregated funds and insurance should also be reviewed regularly to ensure that your beneficiaries reflect your current goals and objectives.
A Senior Wealth Advisor will work with you to develop an estate plan that reflects your final wishes.