Planning your estate and communicating your wishes as appropriate can protect your estate.
The foundation of your estate plan is your will because it designates how and to whom your property will be distributed after death. Many Canadian adults don’t have a will. Protecting your assets and ensuring they reach your loved ones is important. As the world we live in becomes increasingly characterized by legal action and government intervention, estate planning is something everyone should do.
Benefits of Estate planning:
- Provides adequately for family members and/or other loved ones
- Ensure that your estate is distributed in the most timely manner possible after your death
- Minimize taxes – during your lifetime and, equally important, for the beneficiaries of your estate
- Provides funds to cover funeral expenses, as well as immediate and/or long-term family living costs
- Ensures business continuity for business owners
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