Estate Planning....the Key to Protecting What is Yours
Objectives of Estate Planning
At Death determines:
An effective plan minimizes the amount of taxes to pay.
While Living a mandate of incapacity:
- Provides advance instructions in case of incapacity
- Avoids having the courts appoint the public curator
- Appoints a guardian for underage children
Estate planning ensures your assets are distributed according to your wishes, in a timely tax-efficient way. With a little
planning, you can preserve assets for your family, reduce taxes, and accommodate beneficiaries who have special
needs. Some of the elements to a sound estate plan include:
The Will
A will gives you another chance to eliminate uncertainty from your financial life. You may not know exactly when you'll
die, but you can determine exactly where your money goes when you do. And you can direct as much as possible to your family
and away from the taxman.
Contents of a will
- These are the basic contents of a will:
- Your name, address, and occupation;
- An explanation of how you want your assets to be distributed;
- Your signature and the date on which you signed the will;
- A note stating that you are revoking all of your previous will;
- The name of the person (or persons) whom you would like to as act as liquidator (in Quebec only) executor for rest of Canada of the estate. You should also select a contingency person, just in case the first person(s) selected can't do the job.
- Any special requests, such as leaving money to your favourite charity or donating your eyes to science.
- A contingency clause to cover the distributio of your assets in the event that the primary beneficiary dies at the same time as you do.
- The signatures of two witnesses (who are not beneficiaries) and their initials on each page of, and any changes made to, the will.
Before you act on any of this information it is very important to seek advice from a
qualified professional including a thorough examination of your specific legal/tax situation.
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