Estate planning is the process of anticipating and arranging for the disposal of an estate during a person’s life or an orderly transfer of your assets to the people you want to receive them. Estate planning typically attempts to eliminate uncertainties over the administration of a probate and maximize the value of the estate by reducing taxes and other expenses.
Estate planning involves identifying who you want to give your assets to and when (during your lifetime, at death or sometime after death).
Your estate plan may also include:
- ways to meet the financial needs of your family members if you die or become incapable of managing your affairs,
- steps to minimize taxes that you or your estate might pay, and
- a plan to sell or pass on your ownership stake in a business.
Each year in Canada, billions of dollars in wealth assets are transferred at death. If you intend some or all of your assets to go to your family or other beneficiaries after your death, it’s important to plan ahead to make your wishes a reality.
You’ll want to make sure that your money goes to the people you selected and in exactly the manner that you intended. Unfortunately, wealth transfers at death don’t always go exactly as planned.
Contact Mylene to discuss your wealth transfer strategy, or to create a new plan that helps you avoid the common mistakes people make when transferring wealth. Doing so today will minimize expense and will ensure that your gift is used exactly the way you wanted it to be. Contact me to assist you with this process.