Client Statements

Estate Planning

Estate planning is the last part of our process. When the financial plan is in place and the relationship is going well, we can talk in detail about estate planning.

Why is estate planning important?

The Estate consists of everything owned prior to death:

  • Real-estate
  • Possessions
  • Bank accounts
  • Investments
  • RRSPs

When a person dies they cannot own anything. I have yet to see a hearse pulling a U- haul. If the proper attention is given to this fact, many good things can be achieved in honour of the deceased.

Goals of Estate Planning:

  • To distribute the assets of the individual per their wishes.
  • To consider the needs of the surviving spouse or dependents.
  • To consider the income tax implications of the structuring of assets.
  • To consider possibilities for creating a legacy via charitable giving.
  • To avoid the pitfalls which can hinder timely distribution of the estate and create squabbles among beneficiaries.

A solid estate plan will address these issues. The individual can feel good that they have put in motion the things they want to achieve while at the same time lessening the burden on those left to deal with their affairs.

For more information please visit the Ontario Ministry of the Attorney General and click on the links to the Power of Attorney and Wills, Estate and Trusts sections of their website.