Estate Planning

Why you need an Estate Plan

A common misconception is that only the wealthy need to concern themselves with estate planning. This misconception can result in significant unnecessary costs to your estate and additional burdens for survivors. In fact, just about everyone can benefit from the development of an estate plan. Young or old, wealthy or middle class, an estate plan can reduce the taxes and expenses of an estate, simplify and speed the transition of assets to your beneficiaries and ensure that beneficiaries are protected.

Asset protection, wealth transfer and estate settlement solutions

A Will and estate plan can be more than a set of directions for executors and loved ones; proactive estate planning can provide the peace of mind knowing that your wishes will be carried out and your loved ones taken care of.

Our estate planning solutions could be ideal if you need help:

• Investing your assets while guaranteeing a payout for your beneficiaries
• Maximizing the wealth you pass on to your loved one through tax-minimization strategies
• Replacing your income in the event of a disability, critical illness or long-term care situation
• Transferring your wealth to your beneficiaries tax efficiently
• Providing liquidity to help meet the tax obligations and costs associated with settling your estate
• Determining the most effective way to give to the charitable causes you support
• Managing executor or Power of Attorney duties

To learn more about protecting and transferring wealth, please contact us.

Everything you need to know about Estate Planning

Proper estate planning requires careful consideration of many factors: reducing taxes, providing for loved ones, passing on assets in an orderly fashion, creating a charitable legacy and more.

Better understand your choices and make informed decisions with the Estate Planning Guide.

It will help you understand important topics such as:

• Having valid and current Wills for all adults in the family
• Evaluating insurance coverage
• Understanding ownership structures (i.e. the use of Joint Tenancy agreements)
• Realizing advanced estate-planning opportunities (i.e. the use of Living Trusts)
• Planning charitable gifts

Please refer to the Estate Planning Guide which provides an overview of the estate planning process and address the main elements of an estate plan. Since some of the issues addressed in this publication vary between provinces and territories, this guide is only intended as a general reference. Your personal estate plan should be prepared with the assistance of professionals such as an estate lawyer and tax advisor, to learn more about Estate Planning, please contact us.

Helping your family settle your estate

The last thing you want your loved ones worrying about is tracking down records of assets, accounts, policies, liabilities, legal contracts, and other documents required to settle your estate.

The Family Inventory Checklist gathers all the necessary documents and details in one place to help ensure all assets are accounted for and considered, and that your loved ones are taken care of. In particular, the checklist will help your beneficiaries:

• Locate necessary documents
• Identify professional advisors
• Estimate the value of personal assets
• Consolidate a record of personal and business investments
• Itemize real estate, life insurance and pension plan information
• Keep track of the latest Wills and Powers of Attorney

Tips from the Wealthy Barber, David Chilton

Below are a few short videos by the Wealthy Barber that address some key issues related to estate planning, such as the importance of having a will or some reasons to use a trust company to be your executor.

• Make your Will immediately if not sooner, Watch here

• The Wealthy Barber on how a corporate executor helps family harmony, Watch here

• The Wealthy Barber: How a trust company can help, Watch here 

• Three Will and estate planning facts that will surprise you, Watch here

• The Wealthy Barber’s advice to Bryan and Sarah Baeumler on being named an executor of a Will, Watch here

• How family, real estate and business can complicate finding the right executor, Watch here