It’s a common misconception that only the wealth needs to do estate planning. The fact is that everyone should be doing it.
Why Estate Planning is Important?
If you pass away without a will the Province takes control of the estate and decides how the assets are to be distributed. Let’s not forget the costs, and delays of probate, which can cause undue stress to your surviving family. The ultimate goal of estate planning is to arrange your financial affairs so that it can be passed onto your heirs as quickly and completely as possible, and in the way, you intended it – not the courts.
Estate Planning is also important for when you are living, as part of the estate planning process is to create Power of Attorney’s for medical and property, allowing another individual to make decisions on your behalf if you become incapacitated.
People avoid estate planning for fear it will be expensive or complicated. The fact is that for most Canadians the process is fairly simple, and a lot less expensive then one would think (definitely a lot less expensive then probate could be!).
At Elite Private Wealth, we assist our clients with estate planning by helping our clients pass their assets on with ease to their beneficiaries. We use several strategies to do so and can work with lawyers and accountants to provide advice and support.