What Kind of Wills Do You Get Without Proper Advice?

So, you think you can put whatever you want into your will? After all, it is your money, isn’t it?

WRONG! Your executor/estate trustee must pay all your taxes. You need advice on taxes that are payable on death.

During the pandemic, you may have bought online or DIY wills. Did you think about how to reduce taxes? Did you consider your legal or moral obligations?

Anyone making a will must first consider how to save taxes. You must then satisfy all your legal and moral obligations to your spouse and other dependants. What about the obligations to organizations that need your support? We all have a duty to support community agencies that improve the health of people in our neighbourhood.

What is Estate Planning?

Wills may be the cornerstone of estate plans but estate plans specify who benefits from charitable gifts, life insurance, registered investments and TFSAs. Knowing who to designate as beneficiaries can reduce taxes.

You need qualified advice to save taxes.

Not making a valid will is one of the biggest financial blunders people make. Why? Because the government makes a will for you, if you don’t. The government does not give you any tax benefits or charitable tax credits.

Wills help reduce clients’ federal income tax, not to mention Provincial Estate Administration Tax or Probate Tax.

How You Can Avoid the Worst Will Blunders

Some people may think that if they die without a will they can avoid probate problems. This is not true. Without valid wills, courts must appoint a person to pay their taxes. This only increases costs and delays for loved ones.

I have a free report that explains dangers to avoid when making wills. You can have a copy of my report, How to Avoid the Worst Financial Blunder You Can Make When Preparing Your Will.

I list many reasons why wills should be updated with professional advice including, for example:

  • when relationships change
  • if someone starts a business or
  • owns multiple properties.

Read my report here.

Remember, it is never too early to make a will. If you wait until you need a will, it may be too late to make one. I explain how you can save taxes and give to charity. You need to know you can save taxes by donating stocks or having a separate will for your corporation.

Call for a meeting.

Estate law is all I do.