Have You Thought About Your Estate Plan?
The realities are that if you want to ensure you will be cared for in a particular manner should you no longer be able to make your own decision due to accident or illness – you need to do estate planning. If you want to ensure that your wishes regarding to whom and how your assets will be distributed after your death – you need to do estate planning.
Every estate plan has two critical components. The first component provides instructions and guidance so that if you were to become incompetent and not able to make decisions, your duly authorized substitute decision maker would make the decisions for you using the instructions and guidance in the documents you had drawn up when you were competent. The second component provides instructions as to where and how the assets you have at your death will be distributed.
Estate Planning Can be Straightforward and Concise.
At Erb and Erb Financial Services we help you structure all these different aspects appropriately, not only can you be confident that your wishes will be enacted, but you will very likely also reduce the amount of tax your estate will have to pay.
Estate planning can also be very complex requiring the use of different types of Trusts, elaborate planning to protect your estate from taxes and in some cases even management of your estate for some length of time after you have passed away. The more complex one’s estate is, the more costly it will be to put everything in place. Depending on the estate assets and desires for the distribution of those assets, it may be worthwhile to incorporate additional planning mechanisms.
Consult With a Professional Advisor Who has Experience in Helping People Establish Their Estate Plans
Without a neutral advisor, the estate planning process can seem daunting and the vast array of emotions you experience can be overwhelming. A well designed estate plan starts with listening to you about your aspirations and desires regarding your legacy. By listening and looking in a holistic manner, your legacy desires can be woven into your unique estate plan in the best fashion. This will maximize your legacy benefits to your beneficiaries and minimize the taxes your estate will pay. This will also result in your plan not being more complex that it needs to be.
Once your personal estate plan is completed, it is important to keep in mind that it is a dynamic plan and that significant life events may result in your plan being adjusted accordingly.
In Canada only 50% of people have a will, let alone a complete estate plan. Estate planning might something you can readily be put off for another day or week, but be aware.
Fact: it's seldom too early to plan, but can suddenly become too late!