![]() ![]() You can take the burden off your family during a difficult time and document your own funeral arrangements. Technology is constantly evolving and you want your executor to have the tools to deal with any digital accounts and properties you may have now or in the future. If a marriage contract or loan arrangement states something contradictory, it could cause confusion, delays and add costs to your estate. Ensure your documents sync upĪll estate paperwork should express the same sentiments as your Will. ![]() Review your willĪ Will captures a moment in time but if you live another 25 years your situation and intentions may very well change. Once you get the proper specialist to draw up your Will, here are six other points to consider. It may cost more but given your wealth is at stake, she says it’s worth it. Someone deeply experienced in this area can bring their knowledge to your personal situation,” she says. “You should consult a lawyer experienced in writing Wills and estate planning. Thinking of taking a budget route and drawing up your own Will? Dawson says she wouldn’t even contemplate it. You can make it easier on your heirs by consolidating to as few as possible. Over a lifetime we may accumulate numerous savings, chequing and other financial accounts. Having a plan to leave a clean slate could prevent headaches for your heirs. Pay off debtsīuilding a strategy to split your assets with liabilities looming can be complicated. ![]() Whether it is property, cash in the bank, registered accounts or your collection of antique teacups, each type of asset passes through to beneficiaries differently and has different tax consequences. Will a future recession or ongoing healthcare bills disrupt your plans? A professional could help to project your plan 10 or 20 years out to protect what matters. Making that work while accounting for taxes, debts, probate and other obligations is more difficult. It may seem easy to say your children will split your assets evenly and each receive $1 million. Working with an Estate Planning specialist can help ensure all aspects of your finances are in sync. Many assets can pass outside of a Will, with beneficial or detrimental consequences. Make a plan with an advisorĪ Will alone may not be enough to ensure your intentions are fulfilled. What do you want to achieve with your estate plan? Are you focused on passing wealth to heirs, ensuring a family cottage or heirloom asset remains in good hands, or guaranteeing there will be education support for grandchildren? With some goals in mind, your next decisions may come easier. Here are six financial areas you can look into. Not only should your estate plan have flexibility to account for these changes, but it should be reviewed regularly and tweaked to ensure it’s on track to fulfill your intentions. But it’s equally important to remember that life goes on in the meantime and you will continue to accumulate assets, spend money and make changes in your life. Financesīuilding a well-considered estate plan is important, Dawson says. We spoke with Dawson to develop a checklist of action items that could act as a broad guide when considering your estate plan. Pulling one string can have unintended consequences that could disrupt the whole plan. All aspects of finances in your final decades - finances, taxes, family and more - are mutually dependent on each other. “Now we have to do this planning when the family is already in a stressful situation.”ĭawson says it’s ironic that people spend their whole lives accumulating wealth but neglect to consult a financial or tax specialist to ensure that wealth is preserved - or gets to the right person - when they die.Įstate planning is complicated. She recalls a client who kept putting off making any kind of an estate plan - then their health took a bad turn. “People think they’ll live forever,” says the High Net Worth Planner with TD Wealth, about our natural tendency to delay hard discussions about taxes and family arrangements. Ask Tannis Dawson what people get wrong with their estate plans and she’ll tell you, “The biggest mistake I see is not making a plan at all.” ![]()
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