Planning your digital afterlife: Royal Trust Digital Footprint Legacy Management

Do you ever wonder what will happen to your digital assets (emails, texts, passwords, social media) once you are gone?

For example, who might be responsible for their archiving or their deletion, if required? The attached article from our partners at Royal Trust addresses this issue and how your liquidator or Agent for Liquidator might address these concerns on your behalf.

Click here to open the article.

Protection Mandate: Not to be forgotten

Over the past few weeks and months, we have been hearing a lot about deaths and estates. However, we must not forget a major aspect of our personal financial planning: the protection mandate.

Who will take care of your personal needs, your medical care, your food, your clothing? Who will pay your bills, prepare and file your income tax returns, and manage your property and investments? It is important to carefully consider these aspects and to have the right people in the role of Mandatary for Property and Person.

In addition, we remind you that if you are currently acting as an agent for your parents or a loved one, it is possible to appoint the Royal Trust as Agent to the Mandatary for Property and thus free yourself from financial tasks (which can often cause a lot of tension in a family) and  focus your energy on the more human and demanding tasks of the Mandatary for Person. 

Click here to access a description of the services from our partners at Royal Trust, as well as a summary of the range of tasks associated with the role of Mandatary for Property.

More time at home, more time for Estate planning...?

As we speak to clients these past few months during the stay at home period we find more and more are finding unique ways to pass the time: online bridge, cleaning out garages, organizing bookshelves, learning to cook…there have been a variety of tasks that had been put away to do one day in the future and that future is now.

One task that you may also have put aside to deal with “in the future” may have been your estate planning. Having an up to date Will, an updated Protective Mandate and Power of Attorney are all documents best prepared when you have the time to concentrate on these important issues. Perhaps that time has come for you?

Our partners at Royal trust can assist in this endeavor should you need a corporate liquidator for your Will, an agent for liquidator (where they will assist a liquidator with most of the paperwork) or a mandatory for property (financial assets, bill paying, taxes, etc) in the case of protective mandates and Powers of Attorneys. The attached article answer some of these related questions that you may have on all of these topics.

If you would lie an introduction to one of our partners at Royal Trust please give Mauricio or I a call and we would be pleased to help you get the ball rolling. There is no time like the present!

Click here for the full article from the Royal Trust.

John Archer

Tax planning strategies for high-income earners

Depending on your province of residence, you may be subject to tax at a rate of 50% or higher when your income exceeds a set amount.

Discover several strategies that make for a tax-smart wealth plan.

Insights into giving and inheriting wealth across generations

Within a generation, over $400 billion is expected to be passed down to inheritors in Canada. How are Canadian families preparing for one of the largest transfers of wealth in history? And will inheritors be ready?

 

“It’s up to the givers of wealth to proactively prepare the next generation to manage that wealth.”

 

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To subscribe to our newsletter, please contact Mauricio at mauricio.bonaguro@rbc.com.

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