Estate Planning

Estate planning is essential for individuals and business owners who want to ensure that their wishes are fulfilled following their death.  Below are some advantages of having one in place and some pitfalls if you do not.

• Estate planning will provide peace of mind that your assets will be distributed as per your wishes.
• It can avoid family disagreements. Making it clear who gets what, will likely avert conflicts and animosity amongst family members.
• Minimizing your taxes. Planning can prevent excessive taxes from eroding your estate and or causing the forced sale of various assets.
• Protecting vulnerable or dependant family members. The use of a trust can be utilized to prevent the loss of provincial benefits and offer continued support.
• Maximize your donation tax credit while leaving a memorable gift that will assist a cause you are passionate about while having a positive impact on your estate.

 Pitfalls of not having a plan in place:

Depending on what jurisdiction you reside, your assets will more than likely not be distributed as per your wishes.

• Your estate may be frozen due to family disputes, thus not allowing for any distribution of your assets until the courts determine a reasonable solution based on all parties involved.
• Taxation and fees. There may be significant taxation and fees that can erode your estate.
• Delays: Without a plan, the distribution of your assets can take years, causing unnecessary hardship to your loved ones and or causes that are dear to you.