Tips to Grow Series- #4
Forward thinking can help you plan.
Estate planning is essential to ensure your wishes are carried out as intended.
Most of us know you should do it, but it’s a tough reality to face. Estate planning is a process that many people put off, and you’re certainly not alone if you have yet to begin.
Forward thinking can help you plan.
Estate planning is essential to ensure your wishes are carried out as intended.
Most of us know you should do it, but it’s a tough reality to face. Estate planning is a process that many people put off, and you’re certainly not alone if you have yet to begin.
Over half of Canadians, approximately 51%, do not have a will. And for the 15 % of those that do have a will, it’s not up to date.
When someone dies without a will, they get no say in who receives their assets. Guardians for minor children are chosen by the courts. And, in the worst instances, families can be torn apart over inheritance disagreements.
These are not pleasant situations; however, they do happen. The good news is, creating a plan now can ensure your assets are passed on as you wish.
This leaves you to think about the future and know that your family is cared for, and the stress over handling your affairs is reduced during an already difficult time.
Planning For the Future
One thing that is very important when it comes to planning is to be prepared. Now may be a good time to do some homework on your estate plan.
One thing that is very important when it comes to planning is to be prepared. Now may be a good time to do some homework on your estate plan.
Pull out your Will (if you have one) and make sure it still reflects how you would like your assets distributed.
Here are some things you should consider:
Click here for a Will Planning Checklist
Also, use this time to update your personal records. In case of emergency let your loved ones know where you keep your important documents and keep this booklet with those papers.
Ask us for a Personal Record Keeper
Don’t forget to write in your digital accounts and passwords as well as things like air miles and rewards points.
After all, you don’t want your Facebook profile living on long after you’re gone.
Happy Planning
Jodi
This blog has been prepared by Jodi Dark who is a Financial Advisor for HollisWealth®, a trade name of Investia Financial Services Inc., and does not necessarily reflect the opinion of HollisWealth or Investia Financial Services Inc. The information contained in this blog comes from sources we believe reliable, but we cannot guarantee their accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication/blog and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any of the securities. The information contained herein may not apply to all types of investors. The Financial Advisor can open accounts only in the provinces in which they are registered
Estate Planning Checklist
Death can be very taxing, in more ways than one. First, there are the emotions everyone goes through. Then all the financial stuff that must be sorted through…..
Jodi
This blog has been prepared by Jodi Dark who is a Financial Advisor for HollisWealth®, a trade name of Investia Financial Services Inc., and does not necessarily reflect the opinion of HollisWealth or Investia Financial Services Inc. The information contained in this blog comes from sources we believe reliable, but we cannot guarantee their accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication/blog and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any of the securities. The information contained herein may not apply to all types of investors. The Financial Advisor can open accounts only in the provinces in which they are registered
Executor Responsibilities
Death can be very taxing, in more ways than one. First, there are the emotions everyone goes through. Then all the financial stuff that must be sorted through…..
Death can be very taxing, in more ways than one. First, there are the emotions everyone goes through. Then all the financial stuff must be sorted through. When your Uncle Albert asked you all those years ago to be his executor, you had no idea your innocent “Sure,” would end up with you sorting through all the papers and dealing with the arguing family members.
As an executor you’ll be called upon to manage everything from funeral arrangements to paying bills, filing tax returns (yes, there could be more than one), settling the assets, and dividing up the remains to the heirs, along with advising them what’s taxable and what’s not. So, the job of executor carries important responsibilities that come with attention to detail.
Always remember if there are things you aren’t sure how to deal with, you don’t have to go it alone. Hire a professional to help you if needed, but be careful whom you choose as you want them to act according to the Will and the costs can be paid by the estate, but you don’t want the costs to eat up all remaining $ the estate has.
Jodi
This blog has been prepared by Jodi Dark who is a Financial Advisor for HollisWealth®, a trade name of Investia Financial Services Inc., and does not necessarily reflect the opinion of HollisWealth or Investia Financial Services Inc. The information contained in this blog comes from sources we believe reliable, but we cannot guarantee their accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication/blog and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any of the securities. The information contained herein may not apply to all types of investors. The Financial Advisor can open accounts only in the provinces in which they are registered