For example, you can gift stocks to a charity throughout your life or cash to your children to see them enjoy it now. Your advisor can help you identify how these objectives apply to your individual circumstances. Eficient distribution of their estate in accordance with their wishes. Preservation of a legacy for their heirs or others. The important paperwork: The key people: Special considerations: What are the four important estate planning factors 1 The complexity of your estate. You could also potentially avoid probate by gifting your assets while you're still alive. Most people have three broad goals for their estate plan: Protection of assets. Your estate may have to go through probate in some situations, such as if you don't have a will (depending on your province) or if there are debates among your beneficiaries over assets. Assets in a trust created during your lifetime.Insurance proceeds paid to a named beneficiary.RRSPs, RRIFs, TFSAs with a named beneficiary.Jointly owned assets with a right of survivorship (where it is clearly established that the balance of a joint account would go to the living account holder).Many assets do not require you to go through probate, such as: Whether you are creating an estate plan for the first time or updating your existing plan, the following checklist can help guide you in making the necessary arrangements to safeguard your family’s future and to ensure your estate is distributed according to your wishes in the event of your death. Your loved ones likely won't have to deal with probate if you don't have significant assets or if all your bank accounts are joint. Designated assets include RRSPs, RIFs, TFSA accounts, life insurance and pension or death benefits. Investment portfolios look for recent statements and monitor funds to ensure they are prudently invested. It's essentially a tax - usually 1.5% of your total estate plus several thousand dollars in fees, depending on your province. Here are some things to identify in an estate asset inventory: 1. 2 In Canada, a power of attorney can be called a continuing power of attorney, enduring power of attorney or protection mandate, depending on the jurisdiction and the terms contained in the document. Estate Management: The executor’s primary responsibility is to gather and maintain the estate’s assets until they can be distributed to the beneficiaries. 1 An executor is called a liquidator in the province of Quebec and an estate trustee in the province of Ontario. Probate is when you apply to the courts to administer an estate. An executor has a wide range of responsibilities when it comes to administering a deceased person’s estate, and these duties can be classified into the following categories: 1.
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