Stop Risking Your Family’s Future – Part 2

Let’s look at the steps you need to take for your action plan. You can read my first part of this series here. You need to cover the unexpected and inevitable surprises that life throws your way. I have identified these steps everyone must take to protect their loved ones.

Here is a breakdown of the three steps:

  1. Get started now – look at the Big Picture for your goals, assets and debts:
  2. Make a will – build cornerstones to your plan to use wills to protect your loved ones

• Save taxes – take steps to reduce income and probate taxes
• Pick executors – trust these people to manage your estate
• Bless beneficiaries – who will you benefit and protect

  1. Protect yourself – what if you become ill or incapacitated?

The perfect plan concentrates on how things will be done. You must name who will do what in legal documents. You avoid crisis management and make sure worse things do not happen. You need professional advice to cover all the angles.

How Do You Benefit?

You’ll put your worries behind you and get these peace of mind benefits:

• Those with special needs will not be in jeopardy
• You protect valuable assets and the people you love
• You reduce income and probate taxes without risk
• You have the right person named for every job
• You ensure your money, property and dignity are protected

Young or old, you need to take action. Otherwise, your good intentions are worthless.

Perfect Plan Documents

Let’s look at the essential documents you need, including wills and powers of attorney. Do you own real estate or a business? You need professionally prepared planning documents to achieve your goals. Remember, only lawyers can give legal opinions when documents are signed. They can testify in court as experts.

Some situations are complex and call for experienced advice. Your estate plan may have to include trusts and life insurance. Sometimes you need a marriage contract or prenuptial agreement to protect children from a prior marriage.

If you have partners or other shareholders, you need a buy/sell agreement in case something happens to you or them.

Everyone Needs a Will

Making a will is a perfect way to protect your loved ones. A will saves time and money even if you have few assets. In your will you choose who benefits and controls your estate, set up a tax plan and name guardians to protect minors.

• If you die without a will and have children, don’t think your spouse automatically inherits your entire estate.
• If you have minor children, you need to name guardians and set up a trust to manage their inheritance.
Common-law spouses and same-sex partners in many provinces need wills to inherit.
• If you die without a will, an estate trustee must be appointed by the court. If you are lucky, your relatives will not go ten rounds in a court fight.

Make a will and keep it current.

I offer an initial low-cost meeting to get started.

My office is open during the lockdown as an essential service. We can arrange an
initial meeting. Contact me now.