In Quebec, you can give a protection mandate to cover health, personal care and property in case you become incapacitated. Sign a power of attorney for property and for health and personal care.Update your financial arrangements including insurance and investment beneficiaries, property ownership and those related to your business.Your spouse should do the same, so your plans are in sync. Make a will or update your current will. To implement your estate plan, you’ll need to: For your business, what should you include in a succession plan and buy-sell agreement?.How will your estate leave money to people or important charities or causes?.Do your beneficiaries have assets or family heirlooms they prefer to have or not to have?.How will your dependents cover your funeral costs?.What income sources will your dependents have after you die and how much will they need?.How will your estate pay income taxes on your death? And, outside Quebec, how will it pay probate fees (estate administration tax)?.With the help of an advisor and input from your beneficiaries, you can begin building your plan by answering some important questions. Don’t forget heirloom items and keepsakes, and online assets such as email accounts, passwords, online banking, photo libraries, cloud storage and other digital assets. Include titles, deeds and proof of ownership for property and vehicles. Include assets and accounts like registered retirement savings plans, savings accounts, non-registered accounts, and life insurance policies (personal and workplace). Provide financial security for those you leave behind.Minimize taxes and (outside Quebec) estate fees and provide money to pay them.Help your business transition to new management when you retire.Financially prepare if you become incapacitated or need long-term care.Make gifts to your family or to charities or causes important to you.Create retirement income and income for those who depend on you.Separate your goals into those you want to achieve during your lifetime and after you’re gone. Regardless of the size of your estate, you can use these steps to create your estate plan. Often major life milestones like marriage, divorce, starting a family, buying your first home, inheriting money, retirement, career changes, etc., motivate people to begin estate planning. And if you wait until the last minute, like before travel or surgery, you might be forced to make rushed decisions. If you died tomorrow without an estate plan, your estate might not be preserved and distributed the way you want. Your estate includes all your financial and non-financial possessions. If you have savings, life insurance, investments, real estate or other assets, you have an estate. Ensure your loved ones are taken care of.Minimize disputes over your assets between those you leave behind.What is estate planning and why is it important?Įstate planning is arranging your affairs so that when you die, your property is preserved and distributed the way you want.Įstate planning is important because it helps:
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