Estate Planning
If you have become disabled, it may have an affect on your estate plans. There are many issues you should discuss with your advisor to ensure your financial house is in order.
The Will
Everyone should have a valid and up-to-date Will in place. Without a Will, your estate will be distributed according to provincial intestacy law which may not provide the distribution of assets that you intended. This Will Planning Checklist will guide you through various things to consider before making your Will. If you have become disabled you may be thinking differently about how you want your estate to be distributed. A frank discussion with family members and consultation with a lawyer is highly recommended. You may decide that you would prefer to distribute some assets, perhaps a family cottage, to family members while you are still alive. If you intend to make Inter Vivos (while alive) distributions to persons other than your spouse you should seek tax advice since these will most likely be deemed dispositions for tax purposes and could have tax impacts. While making important decisions about your estate, use this Personal Record Keeper to gather specific information that can be shared with your loved ones including your Executor or Executrix.
Please contact us to find out more!
Barbara Reid's Wealth Management Team
Your personal Wealth Advisor in Hamilton, Ontario
