Estate Planning Overview

Estate PlanningEstate Planning is an essential part of wealth management, particularly if your estate involves significant assets or complex issues. Without careful planning, your estate may be tied up in the courts for months or even years. The government could end up collecting more taxes than otherwise. And, most importantly, how your legacy is disbursed may be decided for you.

Developing a complete estate plan will require much more than just a will. Depending on your personal situation, you will need to consider a combination of Tax Planning, Funeral Arrangements, Power of Attorney, Life Insurance, etc.

Every adult should have an estate plan that outlines the following: 

  • Who is responsible for distributing your assets?
  • Who will make financial and medical decisions if you’re incapacitated? 
  • Who gets what and when they get it?
  • Who will take care of your children?
  • Who will manage any trust accounts?

Depending on the complexity of your estate, you may require the services of a lawyer, a financial advisor, an accountant, an insurance agent or a trust officer.

Take control of your estate and follow these 5 steps:

  1. Determine your estate planning goals
  2. Consider which estate planning tools fit your situation best
  3. Choose the people you would like to speak for you
  4. Start raising estate planning issues with your family
  5. Keep your estate plan up to date

A well thought out estate plan is critical to getting your affairs in order and protecting your wealth. Whether you are deciding to create an estate plan for the first time or updating the one you have, take a look at Keybase’s checklist to make sure you got what you need. By planning for tomorrow today, you can retain more of your assets, protect your estate and leave a lasting legacy. A proper estate plan will protect you and your family, now and in the years to come.

Speak to a Financial Advisor today, to discuss your estate planning options!

Disclaimer: The information contained herein has been provided by Keybase Financial Group and is for information purposes only. The comments included in the publication are not intended to be a definitive analysis of tax law: The comments contained herein are general in nature and professional advice regarding an individual’s particular tax position should be attained with respect to any person’s specific circumstances. Keybase Financial Group Inc. is a member of the MFDA and is a member of the MFDA IPC.

The process I follow for estate planning includes:

  • Meet with you and your spouse or partner and clarify and confirm desires and objectives
  • Ensure the people involved with your estate are aware of the intentions.  This can include beneficiaries, executors (or executrixes), trustees and guardians.
  • Then implement.  All the other steps are not valuable without action.