Your estate is the sum of a hard life, smart investment and reasonable financial planning. It is your greatest legacy to your loved ones.
No matter how young or old you are, you much wealth you have amassed if you, Aore married with children or even, everyone can benefit from developing an estate plan . But many people spend a lot of time and effort to accumulate personal wealth and very little time preserve
Here is a list of points to consider :.
- Take inventory of your home and make a list of all items that are worth $ 100 or more.
- Add your non-physical assets. Consider including RRSPs, RRIFs, bank accounts, life insurance policies and all other existing insurance policies, such as long-term care, homeowners, auto, disability, health And so on.
- List all credit cards and debts. Include as auto loans, existing mortgages, lines of credit, open credit cards with and without balances and other debts you might owe.
- Make a list of all organizations and charitable membership you have. Include all other charities you support or make donations.
- Review your retirement accounts. Accounts and policies where you list beneficiary designations bypass your will and probate directly to that person or entity listed on your death.
- Simplify your life. If you, AOVE changed jobs over the years, it, AOS likely that you have several different pension plans. Consider consolidating these accounts into one single account to take advantage of the best investment choices, lower costs and a larger selection of investments.
- Put a plan in place to cover future health care and nursing home care costs if your property won, AOT be eroded by mounting medical expenses.
- Anyone over 18 should have a will. It is the book of rules for the distribution of your assets and it could prevent havoc among your heirs. Your will, enduring power of attorney and the personal directive planning documents are sufficiently inexpensive to prepare.
- Regularly review your will, enduring power of attorney and personal Directive every two years and after any major life changing events such as marriage, divorce or birth of a child.
- Select and confirm the availability of your executor / liquidator. Don, AOT immediately assume that your spouse is the best choice. Think of all the qualified people and how emotions related to your death could affect their ability to decision making.
- Visit a financial planner. It, AOS still a good idea to have an investment plan and comprehensive insurance at least every five years. As you age, life throws many curveballs. (For example :. long-term care, etc.)
- Understanding how taxes will affect your estate
- Understand that taxes could deplete assets such as RRSPs, RRIFs and pensions by as much as 50% left. a non-spouse beneficiary.
- know what income your family get the estate.
- Understanding all group life insurance provided by your employer on your life and that of your spouse will end or reduce your retirement.
- Maintain the beneficiary designations on your life insurance policies, pension plans and RRSPs.
- Understand that like RRSPs, the income tax on capital gains can be deferred until the spouse died, AOS survivor or until the asset is eliminated.
succession planning is simply more than having a will. There is an ongoing planning process that can alleviate the financial burden for your loved ones. Spend the time now to arrange your affairs so that you can help those you leave behind understand, resolve and prepare for any problems that may occur when settling your estate.
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