![]() Estate planning is about much more than simply dividing up your finances it also allows you to ensure that you receive the medical care you want, that your children are properly cared for if you die unexpectedly and that you’re given the memorial you want. With help from legal and financial professionals, you can distribute your assets in a way that minimizes the tax obligations your heirs will face. A clear will and a good estate plan will help your loved ones avoid arguments, disputes and messy legal battles about the fair distribution of your assets. By developing a comprehensive estate plan, you can guarantee that your assets go to the right people. Financial support for the people you care about.The biggest benefit of estate planning is the peace of mind it provides, ensuring that your hard-earned assets will be distributed according to your wishes. There are several important benefits to estate planning, including: Your lawyer will be able to help you get started and provide expert advice tailored to your personal needs. Work with your lawyer, accountant or financial planner to work out an estate plan that is tailored to your needs and incorporates all your assets.įor help developing a comprehensive estate plan that covers all necessary issues, it’s recommended that you seek independent legal advice. Identify any potential risks you want to plan around before and after your death, such as divorce, mental incapacity or your early death. Create a list of all your personal assets, as well as other assets that form your estate, such as trusts, stocks or life insurance. The estate planning process can be broken down into a few simple steps: Filing an advance medical directive, or instructions regarding medical treatment if you’re mentally incapacitated or unable to communicate.Appointing power of attorney, or someone to conduct your affairs if you’re unable to do so.Naming an executor of your estate or a trustee for minor beneficiaries.Making a will, this is an official document that records the distribution of assets.It aims to provide peace of mind for you and your loved ones, ensuring that your assets are passed on to your beneficiaries in the most simple and effective way. If you can work your way through the main estate planning tasks now, you’ll set your loved ones up for an easier transition when you die.ĭownload a printable PDF estate planning checklist What is estate planning?Įstate planning involves developing a strategy to deal with your assets and investments after you die. While it might be an awkward or even painful topic to think about, mapping out what should happen to your assets if you die or become incapacitated is a crucial part of financial planning. All international money transfer services.That’s why we’ve created a comprehensive checklist that breaks down the process and ensures you’re covering all your bases. However, estate planning can often feel like a scary and overwhelming endeavour. That’s why estate planning is truly an act of grace and love toward yourself and your loved ones, who will need all the help they can get when they’re grieving. Want to donate some of your assets to a specific charity, give your collection of vintage world maps to your niece, or have a specific poem be read at your funeral? A clear will-which is the bedrock of any estate plan-will ensure that your wishes are met. When your loved ones are in the midst of grieving, the last thing you surely want is for them to have to scramble to find important documents, rack up thousands of dollars in lawyer’s and accountant’s fees, and deal with potential conflicts and stress because there’s uncertainty about who receives what assets.Ī comprehensive estate plan also ensures that your wishes will be honoured, even after you’re gone. Planning your estate is one of the most important things you can do in order to provide for your loved ones after you’re gone.
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