Planning - The orderly arrangement of one's financial affairs
to maximize the value transferred at death to the people and
institutions favored by the deceased, with minimum loss of value
because of taxes and forced liquidation of assets. Taken
from the Fiscal
We all know of the two certainties
in life - death and taxes.
Estate planning is the
process of strategizing how, when and to whom, the proceeds of your
accumulated wealth is distributed.
In today's complicated
world, you'll need to understand the legal and tax ramifications
of your requests, and how they impact the value of the estate
and its obligations. The learning Centre - Estate Planning
hopes to educate and inform you. However, we believe its better
to do this planning with the help of professionals such as
a lawyer with estate experience, as well as an accountant,
insurance broker and investment advisor where their input
The cornerstone of estate
planning is the Will, and if needed Power of attorney documents
for property and health. A clear understanding of the estate
planning objectives, in particular the tax consequences to
the deceased's estate.
will impact your money and how you wish it to be settled.
Not having a written legal Will.
To start with you need to assemble a concise record of all
your assets and their respective locations, along with other
pertinent information. You can view or download our free booklet,
The Cornerstone® Household Directory of Documents, which
helps you with both the listing of your records and assisting
your executor for locating and processing the terms of the will.
those who like to leave nothing to chance, the information on Incapacity:
Planning ahead helps and Structuring
an effective Will is ideal. Also, take a peek at the information
provided on Being
an executor. Finally, the Estate
Planning section can help you to determine and ensure that
you have not missed anything while bringing your affairs to order.
Planning Users Guide
This group of articles where
created to give you an overview that outlines of what you need to
do to make your estate plan complete. You will need advisers, including
a Investment adviser, Insurance specialist, lawyer and possibly
a tax professional to apply the most current tax, trust, estate
and family laws of your province to your personal situation.
Our estate planning checklist
and recommended reading list will help to expand your knowledge.
Above all, we hope this article inspires you and gives you the confidence
to deal with the challenges associated with handling estate matters.
Planning - Structuring
an effective will
Canadians intend to pass their lifetime savings on to their heirs.
Once retirement needs are met, the assets remaining will be distributed
most effectively if they have a will to detail their wishes.
planning ensures that assets are shared according to the wishes
of the individual for the maximum benefit of the heirs. Although
many people may think this issue is far in the future, preparing
a will and its related estate planning considerations should be
a basic step that is taken and repeated whenever there is a change
in circumstances such as marriage, divorce, children or relocation.
Preparing a will connects the various pieces that comprise a good
cautionary reasons why it is not wise to write your own will
are your responsibilities and obligations?
named as an executor of an estate is a big undertaking requiring
a considerable amount of time and knowledge. You have been entrusted
to handle the financial affairs of the deceased in their absence
and owe it to them to make sure you know what is required of you.
reading on Estate Planning
This must-read section brings
together relative information you need to get started or enhance
your understanding of the elements of Estate Planning process.
Money Management Newsletter
section contains details related to books that we recommend
for various areas of investing. Also provided are links to ordering
information on each title from Chapters.Indigo.ca.
Featured titles for Estate Planning include: