Wills, Will Planning & Multiple Wills
Happy Wednesday,
Although it’s not a fun topic, creating a Will and making sure it’s accurate and up to date is critical for Estate Planning. Is your Will up to date? Please click below to watch an important message from the Wealthy Barber, David Chilton.
Wills & Will Planning- where do I start?
A valid Will is an important document that all adults should be encouraged to maintain throughout their lifetime. Unfortunately, while the need for this document is widely accepted, its creation is commonly overlooked. For your reference I have attached the ‘RBC Wills & Will Planning Guidebook’ to help assist you in gaining a better understanding of the issues and opportunities that should be considered when preparing your Will.
Your Will should be prepared within the context of an overall estate plan. This may include alternate methods of passing assets to your beneficiaries, for example by designating a beneficiary on a registered plan or holding assets in joint names with a right of survivorship (except in Quebec). An estate plan can help you ensure you have addressed all elements of your current situation and that you meet your estate objectives. This publication is not intended to replace the professional advice provided by your qualified legal advisor, but rather to assist you in the preparation of your Will plan.
What’s the deal with Multiple Wills?
As part of your estate planning, you may look for ways to reduce or avoid taxes payable on your death, including probate taxes. The use of multiple Wills is one such strategy that you may wish to consider to help reduce tax. Although it is not relevant for everyone, please see attached an article that explains Multiple Wills in more detail.
Read more on 'Wills & Will Planning Guidebook'
Please let me know if you would like to discuss any of the topics with myself or our Will & Estate specialist Ariel Guigui.
Regards,
Kristine
Some of our past ‘Wealth Wednesday' topics include:
01/13/2021. Is your Will up to date? Having an up to date Will is critical
01/20/2021. Charitable giving and foundations
01/27/2021. Work from home tax tips
02/03/2021. The Wealthy Barber has a Power of Attorney, do you?
02/10/2021. Estate Planning health-check questionnaire
02/17/2021. 7 important questions that should be considered when thinking about your retirement.
02/24/2021. Income Splitting Checklist
03/03/2021. Client Guide 2020 tax reporting
03/10/2021. 5 key questions every business owner should answer
03/17/2021. Tax Free Savings Account - tips
03/24/2021. Individual Pension Plan
03/31/2021. Estate Planning during COVID- Webex recording w/ CEO of Royal Trust, Leanne Kauffman
04/14/2021. The Wealthy Barber on how a cottage can complicate estate planning
04/21/2021. The Wealthy Barber's tips for choosing the right executor
04/28/2021. myGPS - are you on track to meet your financial goals? We can help.
11/28/2022. Charitable Giving
01/26/2023. 2023 Tax Tips & Tax Preparation Reminders
02/01/2023. Handy Financial Planning Facts
02/08/2023. Tax Free First Home Savings Account (THSA)
0215/2023. Happy Long weekend! Estate health-check
02/22/2023. RRSP Quick Tips & Deadline Reminder
03/01/2023. Income Splitting Checklist
03/08/2023. Simply your life
03/15/2023. Top 10 Wealth strategies using insurance
03/22/2023. Our Financial Literacy Program- for your kids & grandkids
03/29/2023. The Federal Budget 2023
Please let me know if you missed one.