its importance, many Canadians shy away from estate planning.
They believe it is strictly for the wealthy, those with multiple
dependants, or those who are in or approaching retirement.
However, the truth is that as long as you have assets and
liabilities, you need as estate plan. The reasons are quite
► Estate planning gives you
the opportunity to ensure that those who depend on you have
the resources they need to carry on.
► Estate planning can help
minimize taxes, ensuring that more of your wealth goes to
your heirs, and less to the government.
► Estate planning ensures that
your affairs are settled according to your specific wishes
the benefits, estate planning can present many challenges.
It can create mixed feelings by forcing you to face up to
your own mortality. It can be a difficult topic to discuss
with family, And depending on your situation, developing your
plan can involve complex issues and regulations.
the consequences of not having an estate plan can be devastating,
especially for those you leave behind, for instance, dependants
may be left with insufficient funds, or children may be faced
with issues surrounding guardianship. That's why getting good
advice is so important.
estate planning is critical for all Canadians. It can provide
you with peace of mind that you can share with your family
and loved ones, secure in the knowledge that their interests
and yours are well looked after.
probably find it a relief to get your estate plan established,
but simply setting a plan in motion is not enough. Your estate
plan will continue to evolve along with your financial objectives
and changes in your life.
to revisit your estate plan every few years to keep it up
to date. If you make significant changes to your estate plan,
it's a good idea to share those changes with the individuals
affected. that way you can avoid
any misunderstandings later on.
The information contained in this commentary is designed
to provide you with general information only, and is not intended
to be comprehensive advice applicable to the circumstances
of any individual. We strongly urge you to seek professional
assistance before acting upon information included herein.