The AI Revolution & Estate Planning Services
AI has already made its way into the legal profession, streamlining research, simplifying document creation, reducing errors that are easily made by a real life human. At the same time, it also has limitations. What can we do today to leverage the advantages of Artificial Intelligence, while avoiding the potential issues? What are the benefits and the risks? Is a hybrid approach possible?
The Great Wealth Transfer: Preserving Your Legacy
Those who have come before you and built wealth have traveled the path you are on now. They, too, have had to consider how to protect and preserve what you spent your life building—preparing those who will become stewards of your business, your wealth and your legacy. It’s worth noting that many of the tactics you used to build a thriving business can directly apply to preserving your legacy as well.
When a Parent Asks You to Be Their Executor
It’s a profound moment when a parent asks you to be the executor of their estate. On one hand, being chosen signals immense trust and confidence; on the other, it signifies a weighty responsibility. Executors play a vital role in ensuring a loved one’s final wishes are carried out, but the role can be far more complex and emotionally challenging than it first appears.
Celebrate the Present & Safeguard the Future
The holiday season is a time of joy, celebration, and, for many, a whirlwind of planning. From organizing travel itineraries to curating gift lists, preparing holiday feasts to decorating, the key to a low(er)-stress holiday lies in planning ahead. Yet, as we rush to finalize our December to-dos, there’s another type of planning that often gets overlooked— estate planning.
December: The Perfect Time for Estate Planning
As the end of the year approaches, it’s natural to reflect on your goals and priorities for the future. December isn’t just about holiday celebrations and New Year’s resolutions— it’s also an ideal time to revisit your estate plan. Whether you’re updating an existing plan or starting from scratch, taking proactive steps now ensures you can enter the new year with peace of mind.
Guide to Your Estate: The Executor's Binder
The holiday season is often filled with visiting family, friends and relaxation. It can be that rare moment in the year where our fast-paced lives are put on hold, allowing for an opportunity to regroup and tackle important tasks we’ve been postponing throughout the year. Why not set aside some time to get your estate affairs in order.
Giving while Living: Helping the Next Generation, Today
Baby boomers are set to leave more than $1-trillion to their heirs in the coming years, representing the biggest wealth transfer between generations in Canadian history. Transferring wealth during your lifetime enables you to see how the money helps your children and grandchildren today.
Cross-Border Issues: a Growing Part of Estate Planning
Wealth transfers often aren’t just a matter of crossing generations, but borders. Many Canadians have built businesses in other countries, have vacation homes abroad, or —if they’ve immigrated— hold assets in their land of origin. Tax laws can be complicated... No one should be going this alone!
2025 Tax Change Alert for Canadian Expats
Canadian snowbirds heading for the sunshine of Florida —or elsewhere in the US— should be prepared for the sunset of a key exemption in tax rules. Wealthy expats have enjoyed an exemption to the US federal Tax Cuts and Jobs Act, allowing them to pass on assets of up to US$13.61 million to their heirs tax free in 2024, but this will be expire at the end of 2025.
We Need to Talk About Estate Planning
Some people think estate planning is only for the wealthy, but there are lots of reasons that make it important for everyone. Those reasons include ensuring your kids under 18 will be looked after, your end-of-life wishes will be honoured and your assets are appropriately structured to minimize estate administration tax and preserve your money for your loved ones.
How Is Estate Planning Technology Improving?
Estate planning is undergoing a significant transformation thanks to advances in technology. These innovations are making it easier for people to plan for their future & protect their assets. From online platforms to artificial intelligence, new tools are streamlining the estate planning process, making it more accessible and efficient for everyone involved.
Power of Attorney 'Arguably More Important' than Wills
Only one-third of Canadians have an estate plan in place, according to the annual IG Wealth Management estate planning study. Estate planning doesn’t only involve planning for what happens after your death. It’s also important to give someone else the ability to act on your behalf if you become incapacitated.
Elder Care Gaps In Divorce And Blended Families
Elder care gaps occur as family structures change. For parents who have long divorced, those who have remarried, and those with blended families, this may mean that adult children are now dealing with three or more parents and stepparents. As the caregiver burden increases, blended families become more complex, and the potential for conflict increases.
US Families 'Woefully Underprepared'
The greatest intergenerational wealth transfer in history is underway, and people are unprepared... Baby boomers alone are projected to pass down over $68 trillion. Families do not have the necessary preparations in place to allow for easy inheritance. Planning can help set people up for smoother transfers... avoid passing down "strife".
Estate Planning Explained
A properly constructed estate plan will ensure your assets are distributed according to your wishes. Only one-third of Canadians have an estate plan in place and just 46% have general knowledge about them... Despite the critical importance of estate planning, many Canadians are unfamiliar with the components of a comprehensive estate plan, causing them to be unprepared for the future.
RBC’s 2024 Family Finances Poll
The “grandparents edition” of RBC’s 2024 Family Finances Poll shows that 21% of those surveyed are supporting at least one adult child financially, while 30% have provided money to their grandkids. Are Canadian grandparents potentially risking their own retirement?
Do You Need a Lawyer to Start Planning Your Estate?
Estate planning can seem daunting, especially if you think it requires hiring a lawyer. After all, good lawyers don’t come cheap, and it’s hard to trust a cheap lawyer. Thankfully, you can start your estate planning without a lawyer. Here are some practical tips to simplify the process...
Tax Implications: Canadian Beneficiary of U.S. Estate
Rarely do we consider the implications of a Canadian resident inheriting from a U.S. estate. What are the tax implications? It would be ideal if the beneficiary was involved in the estate planning, but —in most cases— the beneficiary is left to untangle this web of complexities.
Proposed Capital Gains Tax Changes: Canada
Looming changes to how capital gains are taxed are prompting some families to start thinking about succession plans for their cottages. Under the proposed changes, the capital gains inclusion rate for individuals will rise to almost 67 per cent from 50 per cent on annual gains above $250,000 realized on or after June 25. Planning to sell before changes kick in? Here’s how you may be able to keep it in the family...
Budget 2024 Changes to Capital Gains Tax. Who Will it Impact?
Some Canadians making money from capital gains are set to pay higher taxes starting this year... The changes to how capital gains are taxed have been proposed as the government eyes ways to make up for some of the big spending measures. Who will capital gains changes impact?
Can AI Draft Your Will? Probably. Should it? Probably not.
While the use of Artificial Intelligence (“AI”) seems to be a rising trend these days ... that doesn’t mean it should be used for everything. Specifically, drafting Wills – at least not yet. It may seem like a quick solution to getting one’s wishes into a document, but in turn, it could actually end up causing more harm than good.
A Royal Reminder— The Importance of Estate Planning
Though few will relate to the high-net-worth lifestyle of Queen Elizabeth II and the royal family, the unfortunate family squabbles regarding the inheritance serve as a reminder of the importance of estate planning. How the queen’s estate was handled offers three tips on how Canadians can protect their loved ones.
Estate Planning Remains Woefully Unaddressed [Canadian Surveys]
While estate planning should be a core component of any individual’s financial planning puzzle, it’s something that remains woefully unaddressed by too many... Only a quarter of Canadians have an estate plan that lays out what should happen to their assets in the event of death or cognitive decline [2023 Survey, IG Wealth Management].
Navigating Challenging Holiday Experiences & Estate Planning
The holiday season can be a time for joy, love, and togetherness. It can also be a time for drama, stress, and conflict. Simmering tensions at family gatherings can cause situations that sometimes leave lasting impressions... in some cases even leading individuals to consider cutting their loved ones out of their estate plan.
Human Reproductive Material & Your Estate
As legislation continues to evolve, we will likely see more changes with respect to "stored human reproductive material" as it applies to an estate plan. Even though this may be a relatively niche subject... Amended definitions, which include posthumously conceived children, can mean another consideration when it comes to determining beneficiaries for an estate.
Naming More Than One Executor: Pros & Cons
Considering how arduous the task of Executor can be... One way to lessen the burden is to name "Co-Executors" (also referred to as "Joint-Executors"). However, having more than one Executor can lead to conflict (especially between Co-Executor siblings). Check out these Pros & Cons, before you decide if you should designate more than one person to handle your estate.
Five Reasons To Open An Estate Account
You may have considered making the intended executor of your estate a joint account holder on one of your existing bank accounts. Or —if you've been appointed the executor of an estate— it might seem easier and more efficient to simply open a separate bank account in your own name to help with your duties. Here are five reasons why it is much better for your executor to administer your estate using an estate account.
US Estate Tax Changes: Impact on Canadians?
Proposed changes to US estate tax (scheduled to come into effect Jan 1st, 2026) may have a significant fiscal impact on Canadians who own property in the US. Luckily, trusted professionals can help propose solutions (e.g. ensuring that assets are held in a Canadian Corporation or Trust or by utilizing various tax credits against US tax liabilities). Have meaningful conversations with people who can help.
What Happens To Your Unpaid Mortgage Debt?
Americans carry $12.35 trillion in housing debt — that makes up 72.4% of all consumer debt in the country. With so much debt tied up in decades-long mortgages, unfortunately, many borrowers pass away before getting the deed to their house. CNBC Select explains what happens when someone dies with unpaid mortgage debt, whether heirs are responsible for the remaining payments and how can borrowers prepare ahead of time.
Tips For Preparing Your End-of-Life Finances
Too often, families are left unsure of the way forward when grieving the loss of a loved one, as plans for their final arrangements and corresponding finances are left unsettled before their passing. Taking a proactive approach to end-of-life planning can help ease these burdens. While this can feel like a somber task, it can help ensure your wishes are met & support a smoother transition for your survivors.
Mandatory Withdrawal Rules for Inherited IRAs
Inheriting an individual retirement account comes with mandatory withdrawals, and the rules can be complicated, experts say. The required minimum distribution rules hinge on when the original account owner died, whether they already started RMDs and the type of beneficiary. However, the IRS has waived penalties for certain heirs for 2023 due to ongoing confusion.
Life Insurance: It's Not Just For Emergencies
Many people think that life insurance is only for emergencies... As you reach your 50s, you may well feel that the reasons for having life insurance are no longer valid. However, taking out life insurance over 50 can be an essential part of your estate plan. Here are a few ways life insurance could be a very useful financial strategy that goes far beyond dealing with emergencies.
Betting on an inheritance?
Just a little more than half of people across Canada say they have the financial means to leave an inheritance to family or friends, according to a recent survey from Canadian Western Bank and conducted by Angus Reid. But for residents of Quebec, that number rises to 60 per cent. In Ontario, 52 per cent of people say an inheritance is in the cards for their loved ones.
Navigating the Legal Labyrinth of Genetic Material Donation
In the ever-evolving landscape of Canadian law, the donation of genetic material presents a complex & multifaceted challenge— both in the case of inter vivos donations & posthumous ones. The intersection of property rights, consent, & privacy is not only legally intricate but also laden with ethical considerations.
Practical Suggestions For Ontario Lawyers Serving As Estate Executors
Lawyers acting as executors have the same obligations that other individuals acting as executors do. That is, they must maintain proper accounts in accordance with Ontario’s Rules of Civil Procedure. This blog post is not meant to provide legal advice but rather, it is meant to provide some suggestions.
Estate Planning Attorneys: What They Do & How to Choose One
Estate planning attorneys can walk you through your end-of-life arrangements, from wills to medical directives. They should look carefully at your unique family and financial situation, explain the estate planning process and help you make the best choices for you, for your descendants, & for your beneficiaries.
Estate Planning: Report Reveals Many Canadians Are Not Prepared
Canadians understand how estate planning helps make sure their wishes are clear... Yet many have not prepared key components of their estate plans, such as creating a Will or appointing a power of attorney (POA). Recent research —report by the National Institute on Ageing (NIA), in collaboration with RBC Royal Trust— delves into why.
Essential Estate Planning Documents: Canada
Estate planning isn’t just about dealing with your legacy after death. Imagine yourself incapacitated — unable to speak or make sound decisions. Do you have someone lined up to manage your finances or family affairs? Does that person have a set of clear instructions to follow when acting on your behalf?
Estate Planning for the Second Marriage: Protecting the Kids
What is one of the things that kids from a first marriage worry about when their parent re-marries? The “evil” step-parent getting it all, of course. Many parents struggle with the problem of alleviating the fears of their children in this regard. There are steps you can take to ease their minds and your own.
How To Choose An Executor For Your Estate
Who will look after your assets after your death and carry out the terms of your will? Naming an executor —or agreeing to be one— takes serious thought. Don’t have a suitable, willing candidate? A professional —such as a lawyer or trust company— can look after your estate, but for a price. It is wise to look into professional fees ahead of time.
How to Transfer Vehicle Ownership of the Deceased in Ontario
As the executor of a loved one's estate, you're tasked with a number of responsibilities, one of which is transferring ownership of the estate car - either to a beneficiary or through a private sale. This process can be confusing and complex, but with the right information, it can be handled efficiently and effectively.
Probate: The Good, The Bad, and The Ugly
If you don’t have a will at death, a court’s process to distribute your assets to your heirs becomes complicated. Probate exists to protect an estate from people who make illegitimate claims. Having a will is a good idea. However, it may also be important to have other ways... to help settle your estate efficiently and mitigate the downsides of probate.
Online Estate Planning— Canada
Some of Canada’s major financial institutions have partnered with online services that allow clients to create a simple will for a fraction of the price charged by a human lawyer. The endorsement of online estate-planning services by major financial institutions is part of a broader acceptance of online and automated financial and legal planning.
Executor vs Trustee: What's The Difference?
When creating a will, individuals typically name an executor, who is the person responsible for carrying out the instructions in their will. A trustee, on the other hand, is appointed to administer a trust for the benefit of the beneficiaries of the trust. Though these roles may sound similar, and a person can act as both an executor and a trustee, there are key differences between these two roles.
Can a Power of Attorney Change a Will?
A power of attorney cannot change a properly written will. However, such a person can make many changes to the assets surrounding that estate. Issues such as power of attorney and estate law are highly specific to each state. This article can give you an overview of the subject, but it should not be taken as individual legal or financial advice.
Online Estate Planning Portals... When Will The Banks Catch Up?
Administering an estate is no one’s idea of fun. But with Canadians expected to transfer as much as $1-trillion worth of inheritances over the next decade, more and more of us are bound to become intimately familiar with the emotionally fraught, bureaucratic obstacle course that is distributing the assets of a deceased family member.
Recurring Tax and Estate Planning Questions from New Canadians
Is there a gift, estate or inheritance tax? What happens to the cost basis of my non-Canadian investments when I become a Canadian tax resident? Do I have disclosure and reporting obligations RE my non-Canadian assets? Will I need new Wills and Powers of Attorney? Get answers!
How to Open an Estate Account: Step-by-Step
When it comes time to deal with the estate of a loved one, it can be difficult to know precisely where to begin. Make the process of opening an estate account simple and straightforward with this step-by-step guide. Learn how to gather documents and fulfill your executor duties.
2022 Wills and Estate Planning Study Results
Caring.com’s 2022 Wills Survey shows "a serious disconnect between people’s beliefs and behaviors regarding estate planning". 63% of American adults believe that you should have estate planning documents by the time you’re 55 or earlier, but only 45% of those in the 55+ age group actually have estate planning documents.
5 Reasons You Should Consider an Estate Plan for the New Year
Holidays are a time when the whole family comes together to celebrate the season and all they have to be grateful for. This is a time for closeness and looking forward to the future, making it the perfect time to protect yourself and your family with a complete estate plan during 2023.
America’s Top-Rated Home Care Agencies— Caring Stars 2023
389 senior care agencies, in 45 states and the District of Columbia, received this award based on reviews written by seniors and their families around the nation. Top-Rated for excellence in senior care — “Caring Stars 2023” — announced on Caring.com
Leaving An Inheritance? Plan Ahead!
Whether to leave an inheritance for your children impacts your retirement plans. Before deciding to leave an inheritance, personal financial issues should be considered, including your income needs and potential healthcare costs. Retirees can risk running out of money in retirement and should consider any tax implications of establishing an inheritance.
2023: A Very Big Year For Estate Planning?
IRS bumps up estate-tax exclusion to $12.92 million for 2023. Here’s what that means for wealthy Americans. Starting in 2023, individuals can transfer up to $12.92 million to heirs, during life or at death, without triggering a federal estate-tax bill, up from $12.06 million in 2022. There’s also a higher annual limit on tax-free gifts in 2023.
5 Tips to Make Your Money Last for the Rest of Your Life
No one likes to think about the end, but when it comes to money, it’s important to plan with a long-term mindset. After all, no one wants to run out of money before they die. The good news is that there are ways to make your money last... something anyone can accomplish with a bit of patience, discipline, and self-control.
4 Unexpected Ways To Give Thanks This Thanksgiving
While wills and estate planning aren’t the most glamorous Thanksgiving topic, it’s one of the best things you can do to give thanks this holiday season. Not only will you finally check off this important to-do (or make any updates), but you'll enjoy peace of mind and get to spend Thanksgiving with your family worry-free.
How Community Property Trusts Can Benefit Married Couples
Location, location, location is not just vital in real estate. Where you live also can have critical implications for your taxes, especially for married couples. Getting a step-up in basis can be a big tax advantage, one that has not been available to those who live in common-law states. However, it may now be — through a community property trust.
Caregiver Burnout— Taking Care of Yourself While Taking Care of Others
Family caregiving can take a mental, physical and financial toll. The role of caregiver can feel lonely, daunting and complicated -- even when it's to take care of a dear loved one like a parent... allow yourself to discuss your feelings with the people you care for. You're not a bad caregiver if you ask for help.
What Is Executor Liability Insurance?
Being the Executor of a Will is a very important job, and one that most Canadians will have to take on at some point in their lives. As Executor, you are financially and legally responsible for the estate. If anyone has a problem with the way you’ve handled the funds & assets, you could be sued. Executor Liability Insurance provides protection between you and the risks that come with your role.
You’re Not Too Young to Have a Will
When advisers recommend making a will, [younger] clients might nod grimly and acknowledge its importance. But as time passes, they procrastinate and continue to brush aside their adviser’s entreaties. They may not realize that specifying digital legacy contacts and designating a family member or friend to access their accounts after their death can save heirs from a huge hassle.
How Can Canadian Snowbirds Avoid US Tax Implications?
Many Canadian retirees, known as snowbirds, believe that they are legally allowed to stay in the US for up to 180 days every year without having to file a US tax return. However, experts recommend that snowbirds spend no longer than 120 days... Now is the perfect time to review cross-border personal tax and estate planning with an expert; especially when an increase in U.S. tax is expected soon.
Breakdown of Estate Planning Costs
Estate planning costs vary, and the difference in fees can only add to the emotional challenges. It’s difficult enough to begin managing matters of death without confusion on top of that. These issues only create more stress when there is confusion or a lack of understanding. So, if you’re trying to navigate the basics of estate planning costs, here are some basic concepts that might help.
5 Ways to Leave Money for Your Grandkids
Probate fees, government taxes, and other charges are some issues you will face while leaving an inheritance. Nobody wants to pay the government more and tries to plan their estate to keep the liabilities minimum. Here is a list of the 5 best ways to leave an inheritance for your grandchildren...
Estate Planning Opportunities Using Insurance Investment Contracts
Insurance investment contracts can offer numerous estate planning opportunities, including the ability to bypass an estate and the inherent administration, delay, and costs. However, failing to properly set up your contract may result in your intentions not being fulfilled.
Estate Planning Strategies for Business Owners Planning an Exit
After likely spending a lifetime building your business, deciding to exit can be a hard choice. It’s made even harder if you don’t have a comprehensive exit strategy in place. Senior wealth manager Susan Jones provides a guide to exit planning — from estate planning to liquidation strategies — to make the transition smoother for you.
Why Younger People Don’t Understand the Consequences of Dying Without a Will
One of the main reasons young people don’t create wills is because they don’t understand the consequences of dying without one. There’s a lot of work for advisors to do around educating young people about the importance of wills... especially as many have been turning to DIY solutions instead of advisory services.
Create a Special Needs Plan That Goes the Distance
There are three basic kinds of special needs trusts: third-party trusts, master pooled trusts, and first party Medicaid payback trusts. Depending on the financial and lifestyle needs of the beneficiary and their family, one of these trusts may be better suited than another. Confirm with your financial adviser and estate planning attorney to determine what is best for your personal situation.
Planning for Pets
While we often plan for our human children, it’s time to think about including our fur-babies into our estate planning. When not planned accordingly, pets may be abandoned or given away if the owner has died or is incapable of caring for them. It would be prudent pre-determine the eventual pet-guardian and set aside some funds for the long-term care of the pet.
How to Protect Assets From Nursing Home Costs
Nursing home costs can take a real bite out of your assets without proper planning. Although protecting your assets can be complicated, it’s a necessary step. A financial advisor can help you map out [a strategy] for your specific situation. Let’s break down what happens when you go into a nursing home and common ways to protect your assets from costs.
Recent Changes to Wills, Powers of Attorney & Succession Law: Canada
The Canadian government has enacted four important changes regarding wills, powers of attorney (POAs) and to the administration of an estate with Bill 245 – Accelerating Access to Justice Act, 2021. Some of these changes have a significant impact and change parties’ rights and entitlements. Lawyers need to be aware of and advise their clients of these important changes.
Do Beneficiaries Pay Taxes on Estate Distributions?
As the beneficiary of an estate, the first tax hurdle to clear is the estate tax. Most Americans will not inherit a large enough estate to trigger the estate tax. But they will have to pay income tax on estate distributions. A financial advisor can help you create an estate plan to mitigate your family’s tax liability on their inheritance.
How To Divide Your Estate Without Dividing Your Heirs
Many people —even those who have created thoughtful estate plans— fail to create plans for the distribution of their personal property. Arguments over personal property can damage family relationships and even lead to lawsuits. You can help avoid this conflict with a little extra thought and preparation.
The Importance of Communication in Estate Administration
Unfortunately, the importance of good communication is often overlooked by estate trustees, and beneficiaries are left in the dark for months (or even years). Beneficiaries will wonder what is going on... which may increase suspicions that something untoward is taking place. “Lawyering up” will typically then follow, since lack of information can breed distrust.
3 Reasons Not To Keep Your Estate Plan a Secret
Many people prefer not to talk about their estate plans. Maybe they have always preferred to keep their financial details private... or perhaps they prefer to avoid conversations that could become difficult. Yet generally, it makes sense to talk to your family about your estate plan. Failing to mention it —at all— can have serious consequences later.
Estate Planning Checklist: Five Things to Do Now
Thinking about your own death isn’t fun, but don’t worry, planning for your estate does not actually have to be a difficult or lengthy process. Unless you have significant assets or complex wishes, making your estate plan can actually be very straightforward. Here are the five steps you should take to make sure that you have a competent and complete estate plan.
How Does the Federal Budget Impact Wealthy Canadian Families?
The 2022 Federal Budget has made some substantial moves that will impact wealthy Canadian families, many of whom are first generational wealth and small business owners. The following measures introduced in the budget may be of interest to wealthy families and business owners concerned for the future of their estates...
How Trusts and Estates Can Be Managed Virtually
While the pandemic has created many challenges, it has also ushered in several advancements and virtual tools to serve clients better. During this new normal, we've become used to completing nearly all our everyday tasks on our home computer, tablet, or smartphone... From online notarization to consultations, the future of virtual trust and estate planning is here.
The 2022 Global Art Market Report
Topping $65.1 billion, the art trade roared back in 2021 while NFTs exploded into an $11.1 billion market. The 2022 Global Art Market Report, from UBS and Art Basel, is now available. Find information about the effects of the global pandemic on various sectors of the art market: what trends will shape the market in 2022 and beyond...
Named in the Will? What to Know About Canadian Inheritance Tax Laws
When a loved one passes, the last thing on most people’s minds is taxes, but they do play an important role in settling the estate. In Canada, there is no inheritance tax. You don’t have to pay taxes on money you inherit, and you don’t have to report it as income. But this doesn’t mean your inheritance is immune from taxation.
My Will— Whose Business Is It Anyway?
Are there certain people you should share your estate plan with while you are still alive? What are the potential pitfalls of keeping the contents of your will private? The consequences of a private estate plan can include confusion and anger when the times comes. Consider speaking with your children and beneficiaries about your estate plan to help minimize some of these potential conflicts.
Five tips to help you weather tax season — Canada
Time flies, especially when you’re facing a deadline. The closer you get to the tax filing deadline, the busier your calendar may seem. Talk to your financial advisor today about what you can do to help make tax season less taxing. Here are five tips to help you achieve a less stressful tax season.
6 Estate Planning "Must-Haves"
Many people believe that having an estate plan simply means drafting a will or a trust. However, there is much more to include in your estate planning to make certain all of your assets are transferred seamlessly to your heirs. A successful estate plan also includes provisions allowing your family members to access or control your assets, should you become unable to do so yourself.
Happy Executor, Happy Administration
The death of a loved one is never easy to handle, but add on the additional responsibility of acting as an executor and you almost don’t have time to grieve the loss. As with any estate, things will inevitably pop up along the way, but having this list set aside for an executor could be the difference between a chaotic, stressful administration, and a smooth, organized one.
3 Estate Planning Tips For Blended Families In Canada
Estate planning in blended families can be tricky. Here are a few tips for blended families trying to put together an estate plan.
5 Life Insurance Trends to Track in 2022
Certain focus areas rise to the top of conversations and strategic roadmaps for insurtechs and carriers alike... rising interest in not only delivering a great customer experience, but also meeting these potential buyers where they are, digitally, and engaging them with products that suit their health and wellness needs – all from a secured and private interface. The pandemic has led to an increased awareness and importance of health (physical and mental) and financial protection. This is shifting the pendulum of the century-old 'sold versus bought' model for insurance products.
What Is a Fiduciary, and Why Does It Matter?
If you've been confused about the distinction between a fiduciary and a financial advisor, you're not alone. A fiduciary is an individual or organization that acts in the best interest of a particular individual. Fiduciaries have a bond of trust with clients and must avoid conflicts of interest. Fiduciary relationships do exist outside of financial advisory services, typically in places where a high level of trust is required.
Leaving Your Roth IRA To Your Heirs: Mistakes To Avoid
By leaving your Roth IRA to your heirs, you can provide them with tax-free income for years to come. Your beneficiaries can continue to enjoy this tax-free status for a period of time after they inherit the account. However, they will not be able to maximize their tax savings with the Roth account unless it's passed down in the correct manner. Here's what you need to know.
3 Key Reasons to Keep Your Estate Plan Updated
It’s generally recommended that you review your will and other end-of-life documents at least every few years, although there can be reasons to do a checkup more often. While the pandemic appears to have spurred more interest in estate planning, more than half of U.S. adults don’t have a will. Here are some important parts of your estate plan that should be reviewed.
Make a Plan for Your Parents' Care
The ideal time to begin talking with your parents is before they need care. Start the conversation. If you have not already been thrust into a caregiving role, you can prepare for the possibility. Introduce yourself to your parents’ attorney, accountant, and other financial advisers... They may be among the first to notice if your parents’ capabilities are slipping, especially if you aren’t able to see them enough to witness problems yourself.
Five Reasons to Use a Corporate Fiduciary
Many important decisions regarding the transfer of your wealth are made when working with an estate planning attorney. However, one of the most critical is often made with little or no regard for the consequences: this is the choice of a successor trustee for your trusts. These are some things to consider when naming a successor trustee for your trusts or a personal representative for your estate.
Guide To Funeral Costs— Canada
When it comes to planning a funeral, the cost is only one of the many things to consider. Unfortunately, determining the price is not always easy because it varies greatly depending on the type of funeral and what funeral services are included and what type of funeral ceremony or memorial, if any, that you plan. Here's a guide to help you better determine how much a funeral will cost. Note that all fees quoted are approximate and are in Canadian funds.
Women and the Great Wealth Transfer: How the Landscape is Shifting
A great wealth transfer is coming and women are poised to inherit a sizable share. What do women want when seeking financial advice? Determining the answer to this question is crucial for financial advisors as the wealth management landscape shifts. The advisor who can do that “...will cultivate relationships that will endure market fluctuations and other economic forces over the long haul.”
Is Your Inheritance Subject to State Taxes?
An inheritance tax is one that's imposed on heirs when they receive assets from a deceased person's estate. It's based on the relationship between the beneficiary and the decedent... An heir's inheritance will be subject to a state inheritance tax only if two conditions are met: The deceased person lived in a state that collects a state inheritance tax or owned bequeathed property located there, and the heir is in a class that isn't exempt from paying the tax.
From Facebook to iTunes to Amazon, You Need a Digital Will
Most family members may not have a clue what we have floating out in cyberspace, and accessing or deleting accounts can be tricky for family members if they don’t have your login credentials. Each website has its own requirements and legal processes for dealing with death... Your estate plan isn’t complete unless you’ve accounted for your digital assets.
Apple iPhone: New Digital Legacy Feature
Until now, it’s been very difficult for loved ones to access an Apple account of a family member or friend who has died. Without the phone’s passcode or iCloud information, surviving family members sometimes had to get a court order for access to a deceased loved one’s digital data. iPhone update —iOS 15.2— includes a new feature called Digital Legacy which lets you choose specific people who will be able to access your account...
Reasons to Revisit Your Estate Plan Now
The Build Back Better Act may eventually contain changes to the tax code that could profoundly impact estate planning. Some people, especially the very wealthy with complex estates, have chosen to delay estate planning until there is greater certainty. Minimizing taxes is not the only reason to review and update your estate. Here are some important non-tax aspects of estate planning that shouldn’t be delayed.
Making a List, Checking it Twice: Getting Ready to Talk About Your Estate Plan this Holiday Season
This may seem like a gloomy discussion to have during an otherwise celebratory time; however... your estate plan should not be a surprise that is revealed to your family (and other important people in your life) during a challenging moment, particularly if your estate will be distributed in a manner that may be unexpected.
How to Avoid Probate: Common Ways to Transfer Assets Directly
Planning ahead and transferring your property and assets to your heirs and named beneficiaries without going through probate court will save your loved ones uncertainty, stress, lengthy wait times, and costly probate fees. Here are some of the most common ways to transfer assets directly and avoid probate.
Greatest Gift for Your Parent? Ask What They Want!
Sometimes, adult children think they know what's best for their parents. That's not always the case. Beyond prioritizing their parent's safety, why do adult children neglect to ask their parents what they think is best?
Financial Guidance for Widows
Working with a financial professional requires you to be vulnerable about highly personal aspects of your life — especially after losing a spouse. You should always feel encouraged to ask questions and empowered with the knowledge that you’re in the driver’s seat of your financial life.
Estate Planning & Young Adults: Good Reasons to Take Care of it, Today...
Estate planning isn't just for the elderly or people with a lot of money. Even when you're young, it's impossible to predict what the future will bring... Communicating your wishes clearly is a responsible and loving act. Everyone should have an estate plan.
More Canadians Looking To Transfer Wealth Early
Almost two-thirds (65%) of Canadians looking to leave an inheritance before they die, a recent study from Edward Jones found. Despite the growing appetite to transfer wealth early, another recent survey by Edward Jones found that procrastination is still an issue for most Canadians.
A Plan for Rover After You're Gone
For your pet to be cared for financially and physically after you're gone, your estate plan needs to include those arrangements. Many of the same estate-planning tools you'd use to take care of your human dependents can also protect your pets. Here are some steps you can take to ensure your beloved companion is cared for if something happens to you.
Joint Executors, Canada: Pro, Cons, Frequently Asked Questions
Why would you have more than one executor? Debts, beneficiaries, taxes, pet care, real estate, and funeral arrangements are just the tip of the iceberg when it comes to executor duties. It’s understandable that people want all of their children to be equally involved in the decision-making process, but there are a few issues to consider before appointing multiple executors.
Charitable Gifts on Death: Who can Claim the Donation Tax Credit?
The tax rules applicable to charitable gifts on death have changed considerably since 2016... it is noteworthy that Canada Revenue Agency’s long-standing policy to allow the spouse or common-law partner of a deceased individual to claim DTC in respect of the deceased’s gift by will is no longer applicable since these tax rules were adopted in 2016.
Using Life Insurance to Make Charitable Donations
Life insurance can be an effective and convenient asset to give to a charity of your choice. There are various methods for making life insurance donations and each has unique advantages. By either gifting a policy outright or naming a charity as beneficiary, donors can provide a lasting legacy for a cause they believe in.
Why Your Digital Footprint Needs To Be Part Of Your Will
The online footprint of Canadians is getting deeper every day, from e-mail and Instagram posts to brokerage accounts and bitcoin wallets. Yet, when it comes to estate planning, these digital accounts often take a backseat to more traditional strategies such as the tax-efficient transfer of the family cottage or how to pass along a tax-free savings account.
Holographic Alterations and Extraordinary Gifts
Setting out a plan in your estate for beloved pets is not uncommon and a reasonable step to take for your furry friend. At times, in the midst of the enthusiasm to ensure pets are looked after, one can get carried away, and the courts may step in... For those animal lovers amongst us, the recent decision of the Supreme Court of British Columbia —in Henderson v Myler— may have caught your eye.
Estate Accounts: What You Need to Know
One of the important responsibilities of an Executor is opening an estate account. It requires only a few steps and it serves to make the task of administering a decedent’s estate much easier. Opening an estate account is an effective way to keep the assets of the estate separate and to stay organized when handling the estate.
Vacation Property — Keeping it in the family
Planning on how to distribute your vacation home is an important part of an estate plan, as family members almost always have an emotional attachment to this beloved asset. As it happens, this is the topic of conversation around my kitchen table as my parents are in the middle of reviewing their own estate plans, and some of the focus has been discussing the division of the family cottage between myself and my two siblings.
Navigating Estate Planning With Your Family
What’s more difficult: building an estate or passing it along to heirs? Without the right road map, wealth transfer can sow family dissension that undermines decades of hard work and wise wealth management. To help families elude that outcome and successfully negotiate the challenges of planning for wealth succession, two experts at BNY Mellon Wealth Management offer advice...
How To Transfer Your Family Business
Many farmers, fishers, and small business owners have spent their whole life building up their company and want to make sure that when they’re ready for retirement, their farm or business will be transferred to trustworthy and capable hands. Those hands often belong to family members, so it’s important to make sure that every option has been thought about and discussed to get the most benefit from the transfer of a business.
How to create a simple cremation plan in Canada
As of 2020 the cremation rate in Canada was at an all-time high (73% according to Statista) and it will likely continue to rise as families seek an affordable final arrangement for their lost loved-ones. Add to this... that people don’t want to financially burden surviving family with funeral costs, and it’s easy to see why setting up a simple cremation plan can be advantageous. This guide will explore some of the pros and cons of setting up a simple cremation plan.
Canada Pension Plan: Survivor's Pension
If your spouse or common-law partner passes away, you —as the surviving spouse— may be entitled to collect a survivor’s pension from the Canada Pension Plan. But if the surviving spouse remarries and then the second spouse dies, can the surviving spouse receive two survivor’s pensions? The short answer is no. Why you can only get one CPP survivor's pension, even if you’re twice-widowed.
Canada: The Tax Benefits of Charitable Gifts in Wills
Planning a charitable gift in a Will can be fraught with difficult questions like “am I going to disinherit my loved ones?” The truth is... a charitable gift in your Will can reduce the taxes owed, and in some cases even eliminate them, while leaving the same amount of money to heirs. The Canadian government has created some of the best tax incentives in the world to encourage more giving to charity, especially from your estate. Yet many Canadians are not aware of these incentives.
Looking beyond a will: Estate planning as end-of-life planning
Estate planning is constantly evolving. It's a lot bigger than just the financial aspects of the estate; it includes family, feelings, values and goals. Good end-of-life planning encompasses a variety of things... Start the process with goals, knowing that financial and estate plans are going to continue to move. They’re living, breathing and changing.
Discussing End of Life Wishes: Organ Donation
While 90% of Canadians are in favour of organ donation, less than 20% have made plans to donate. This highlights the importance of two things: planning for end of life and talking about your wishes with your loved ones. You will be doing a service for your loved ones by ensuring that your intentions are clear and documented. Appointing a Power of Attorney for Personal Care will help ensure that your wishes are carried out.
5 Steps to Create an Estate Plan
An estate plan helps you control the disposition of your assets upon your passing, ensuring that assets flow to your heirs according to your wishes. Your estate plan does more than disburse your financial assets; it also provides guidance for your loved ones regarding your preferences for end-of-life medical intervention. Here are 5 steps to get you on the right track...
Famous Quotes About Leaving a Lasting Legacy
Everyone’s legacy is different. Many people think of legacies in material terms. Big houses, a huge savings account, and vacations to exotic locales. Leaving an impact, though, can be a more powerful legacy. These quotes may help you prepare some words for your loved ones... or help you treasure the legacy you were handed.
Long Term Care Insurance — Canada
Long term care insurance can provide coverage if you become unable to care for yourself and need assistance to manage daily living activities. Long term care isn't just for seniors. You may become unable to care for yourself for 90 days or more at any point in your life. Long term care insurance can cover some of the costs of a care facility or a caregiver in your own home following an accident or illness.
Long-Term Care Insurance Explained
It might be hard to imagine now, but chances are you’ll need some help taking care of yourself later in life. The big question is: How will you pay for it? Buying long-term care insurance is one way to prepare. As you make a long-range financial plan, the potential cost of long-term care is one of the important things you’ll want to consider. Talk to a financial advisor about whether buying long-term care insurance is the best option for you.
Find Your Local Probate Court in Canada
The local courthouse that administers applications for probate can be a wealth of knowledge.They can help advise what forms are required —provide information about common mistakes when filing forms— and timelines you should know about. You can contact them about your individual situation.
The Overlooked ‘Triple Tax-Saving’ Tactic
Estate Planning advisors agree that one of the most underused estate planning strategies is the charitable remainder trust (CRT). New trends are making CRTs more attractive... Charities are getting more flexible about the types of properties they will accept. It used to be a struggle to get a charity to accept many types of real estate and anything not publicly traded. Now a charity is more likely to have staff or firms on contract that can evaluate, manage, and sell real estate and other types of property.
A Guide to International Estate Planning for Cross-Border Families
If you are a US person living abroad or have a US spouse, have a green card or even invest within the US, there are considerable tax and cross border planning issues to consider. All cross-border families need to have a strategic investment plan, properly arranged and synced with a custom-tailored cross-border estate plan to protect their assets. This guide is a short introduction into cross border estate planning, protection planning and tax efficient investment concepts.
Why Most Canadians Don’t Have a Will
According to a poll conducted by the Angus Reid Institute in 2018, 51% of Canadians did not have a will in place before the pandemic. While a large part of the Canadian population had previously ignored the need for estate planning, the COVID-19 pandemic encouraged people to change their thinking and realize the importance of doing so. In fact, many Canadians took matters into their own hands.
Estate Planning for Your Worldwide Assets
More and more Canadians own assets in multiple provinces and countries. Whether you have a family property, vacation villa or securities in a local business overseas, specialized estate planning is necessary to ensure ease of administration of these assets... no matter which approach is taken, your needs are best suited to an estate planning lawyer with cross-border experience. Coordination among your professionals is critical to ensure the success of your estate plan.
Estate Planning for the Digital Era
In addition to email and social media accounts, most people also own a trove of digital assets. It's important to understand the terms of use regarding access and control of this data. By planning ahead, you can arrange for full access to your digital property, keep administration costs down, and ensure that no valuable or significant digital property is overlooked. Consider taking these steps to make your estate plan digital-savvy...
Prenup vs. Postnup: How Are They Different?
If you or your spouse is wealthy, expecting a large inheritance, or entering your second, third, or fourth marriage, divorce or death wouldn’t just mean heartbreak. Either one could also lead to some serious financial ramifications. In the case of a death, these are magnified if your spouse leaves children from a previous marriage. This is why more and more couples are opting to sign a prenuptial or postnuptial agreement.
Be Careful with Joint Ownership
Placing non-registered assets into joint ownership with right of survivorship is one of the most common methods of avoiding probate, and it can be effective in the right situation. However, there are some significant disadvantages with joint ownership that may outweigh the benefits. Fortunately, there are other options available. Before transferring any assets into joint ownership, there are a few important issues that you should consider.
Your Social Media Legacy: Pre-Planning Features on Google
What happens to your Google account when you die? Discover the pre-planning tools available to help you protect your digital legacy. Aside from Facebook, Google is one of the only other social media platforms that currently offers any legacy and pre-planning tools and features. Google’s feature is called Inactive Account Manager. Find out how it stacks up...
7 Steps To Ensure A Successful Estate Plan
Your estate plan is much more likely to be successful when you recognize and avoid the most common mistakes and take some key actions that often are overlooked. Most estate planners will tell you that the same estate planning mistakes and oversights recur with frequency, whether an estate is worth a billion dollars, a few hundred thousand dollars, or something in between.
How to Die Well
Since the outbreak of COVID-19, the subject of death has never been so prominent. Many have experienced an unexpected loss. But, despite it being a universal experience, we still find conversations about death incredibly hard, making it one of the life events we’re least equipped to deal with. "How to Die Well" is a comprehensive guide to death, dying and loss, which aims to help us all become better prepared— emotionally, practically and financially.
Inheriting A House? Here Are Your Options
Dealing with the death of a loved one is hard enough, but it often becomes more complex when you have to figure out what’s going on with their assets and debts. If they’ve left behind a house, that’s one of the bigger responsibilities that you, as the person’s next of kin, will have to figure out how to deal with. Not only do you have to worry about the mortgage, but you’ll also have to contend with taxes, upkeep, sharing ownership with other stakeholders and more.
Holographic Will: Is a Handwritten Will Valid?
Handwritten wills that are written by the person making the will (called the testator), and have not been witnessed or notarized, are called holographic wills. The most common time for someone to make a holographic will is when he or she is in imminent danger of death, and has not already made a will or wishes to change a will. Find out more about if and when a handwritten will may be valid, and what is required for a court to honor such a will.
Digital Assets Can Be Lost Due To Lack of Access
When undertaking estate planning, we usually prioritise the organisation of physical items— personal belongings, pieces of jewellery, cars, and property. But one area that can often be overlooked is the distribution of digital assets. It’s vital that these are attended to in much the same way that physical assets are treated... Protect your digital assets and ensure they reach the people who should have them.
How to Be a Good Executor
If you have agreed to serve as an executor... know the task you face: closing accounts, inventorying assets and distributing bequests. Even when it's a relatively simple situation —one spouse dies and leaves everything to the other— the paperwork is daunting. But when it gets more complicated, like if a widow dies and there are lots of children and assets, there's more. Much more. Follow these steps to ensure that, when the time comes for you to serve, you honor the deceased, serve his or her heirs, and do your job as efficiently as possible.
Fiduciary Duty— What it Means for Estate Planning
A fiduciary is defined as any entity with legal obligations to act on behalf of another. Fiduciaries can be bankers, attorneys, accountants, financial advisors, or even real estate agents. In situations that rely on honesty and trust, a fiduciary must be motivated to do what is best for the party that delegated them this responsibility. When it comes to estate planning, the fiduciary’s primary duty is to protect the estate and assure timely passing of the property to the right heirs.
Why You Need a Living Will and a Healthcare Directive
Make your wishes known when you can’t speak for yourself. Pick an attorney-in-fact to carry out your directives: a spouse or family member, a close friend or a professional who knows you well. You should also have a conversation with your family, so there can be no misunderstanding if they’re faced with a situation in which you are unable to communicate.
7 Components of a Non-Financial Legacy
Most estate planning attorneys do a fantastic job helping their clients set up the proper legal structures to transfer financial assets, but they often don’t consider the intangibles. Legacy planning goes beyond your financial assets and considers your impact on your family and the world. Consider including these intangible components in your estate planning process.
Essential Estate Planning Documents
Estate planning is the systematic approach to organizing your personal and financial affairs to deal with the possibility of mental incapacity or death. Depending on your current family and financial situations, your foundational estate plan will include four or five essential legal estate planning documents... the laws of your state may dictate the creation of other estate planning documents.
How To Donate Your Life Insurance To Charity
The primary purpose of life insurance is to provide a safety net for those who depend on you financially. The death benefit that is paid to your beneficiaries can help them cover daily expenses and even future costs. A life insurance policy also can allow you to leave a legacy— not just for the people you love but for organizations and causes that are important to you. A charity can receive the payout from a life insurance policy.
Guide to Green Burial in Canada
A natural burial is likely to cost in the region of $3,000 to $5,000 taking into account the funeral home service charge and typical green burial plot pricing. This guide aims to provide information —for those who have an interest in the options for a green funeral or natural burial in Canada— and organizations dedicated to helping Canadians learn more about green death practices.
Online Will Kits in Canada: Review, Pros and Cons
You’d be surprised at how many Canadians don’t have a will. One reason for this slow uptake in creating a will may be due to the perceived costs, and another may be the reluctance of most people to discuss their own mortality with others. An online will —that has been done correctly— is just as legal as a will written by a lawyer. Here is a summary of the legal online will kits available in Canada, how much they cost, and the pros and cons of online will kits.
Charitable Strategies Can Help Build Your Wealth
Canadians are known throughout the world for their generosity and benevolence. With recent studies indicating a growing interest in philanthropy, many are wondering about different ways to give back more effectively to their communities. Building charitable strategies into your wealth management plan creates the ability to streamline your giving, and often help build additional wealth for you, your estate and the charities you choose to support.
Consumer Reports: Probate Advances
Unlike other controversial options targeting financially strapped Americans —such as payday loans, tax refund anticipation loans, and litigation loans— probate advances have flown under the radar. While some financial products with sky-high interest rates have been subjected to intense scrutiny, and in some cases have been outlawed, the probate advance industry has received little regulatory oversight.
Minimize Taxes: How to Leave Assets to the Next Generation
When planning to leave money to heirs, it’s important to weigh the tax burden of the account holder and the recipients. Tax-efficient withdrawal strategies can be helpful for people looking to spend down their assets in retirement while paying fewer taxes. It may also be beneficial to address strategies for a tax-efficient way to leave assets to your heirs—specifically income taxes...
The Importance of Checking Beneficiaries for Spousal Inheritance of Retirement Assets
For married couples, checking the status of beneficiary designations on your retirement accounts may seem like a small detail, but failure to do so has potentially far-reaching and expensive implications. Without correct and updated beneficiary information, the surviving spouse is at the mercy of the custodian’s IRA agreement, the IRS, or both.
Tips For Those Nearing Tax-Exemption Limits
The estate tax exemption, currently set at $11.7 million for singles and $23.4 million for married couples, is set to expire in 2026. It’s unclear what the estate tax exemption will be beyond 2026, but few expect it to stay as high as it currently is. Wealthy individuals nearing the exemption limits may want to look at ways of reducing the size of their taxable estate by maximizing their giving in a tax-efficient way.
Preparing Your Heirs for Their Inheritance
How can you prepare your children to handle the assets they’ll eventually inherit? One strategy is to have them meet with your professional advisors. For example, they should meet with your accountant for an explanation of any tax planning tactics that you’ve been using, so those tactics can be continued after your death. If you have a broker or a financial planner, your heirs should meet with this adviser for a review of your portfolio strategies.
The Importance of a Go Binder
An estimated 56% of Canadian adults do not have any plans set in place. Roughly 29% do not have a will because they either do not know how to get started or believe they cannot afford one. This oversight can cost thousands of dollars in legal bills, bitter family disputes, as well as legal battles between siblings and/or their spouses. All of this could be avoided with a few simple conversations and the preparation of a GO BINDER.
How to Transfer the Ownership of a Deceased Person’s Vehicle to a Beneficiary in Ontario
In Ontario, when a person dies with a Will and bequeaths a vehicle to a beneficiary, there are certain steps the Executor is required to take in order have the vehicle transferred to the named beneficiary in the Will. The transfer of a deceased person’s vehicle to a beneficiary is a similar process as transferring the ownership of a vehicle to a family member as a gift.
Frequently Asked Questions— How Are Trusts Taxed?
With the tax season fast approaching, you may have questions about how your trust is taxed, who is responsible for tax filings, or how trust income taxes get paid. This blog will answer some common questions you may have about the taxation of your trust.
The Will is Signed. The Farm is Safe. Isn't it?
Canada is in the midst of a massive intergenerational transfer of wealth with the owners of trillions of dollars in assets thinking they’ll pass all that wealth on to their children. Estate planning has gotten more complicated —and the value of Canadian farms climbs ever higher— so your estate plan is more important than ever. Regular changes to the laws and tax code might mean that the Will you created is no longer effective. Trends in estate planning have changed, too.
How to Create a Financial Funeral Plan
Death and taxes are a certainty and from a financial perspective, it's important to plan ahead for both. Funeral costs can create a financial burden for your loved ones if they're not prepared to pay for them. In 2019, the average cost of a funeral with a burial was $7,640 ...according to the National Funeral Directors Association. Establishing a funeral plan can make the process less stressful for them to deal with.
How to get it right when naming an executor and filling other key roles in your estate plan
Regardless of how often you check your plan, remember that over time, individuals’ life situations —i.e., health or judgment— can change. So it’s wise to confirm that each person is still up for the responsibility that you’re expecting them to handle. Make sure the people you named still make sense.
Having the Money Talk with Your Parents
Managing your parents' finances can be a difficult situation. Doing so if you haven't laid down a plan for how to do it is worse. Cameron Huddleston, author of "Mom And Dad, We Need To Talk: How To Have Essential Conversations With Your Parents About Their Finances", joins David Muhlbaum and Sandy Block on Kiplinger's "Your Money's Worth" podcast.
Deemed Disposition Tax — Canada
Canada’s deemed disposition tax, which is similar to the estate tax in the U.S., is deferred when assets are transferred to or held in a spousal trust for a surviving spouse. Creating a trust allows you to transfer assets while you are still alive, which avoids probate costs when you die. If you die without making a will, the Canadian province in which you lived decides how your assets will be distributed.
What is the Difference Between a Trustee and an Executor?
The executor and trustee are both fiduciaries, but they have a legal obligation to different things. You can appoint the same person to be trustee and executor. Trustees and executors can also be beneficiaries, which might create potential conflicts if they can't maintain an impartial interest when there are additional beneficiaries.
Letter of Instruction
A letter of instruction can help to simplify a complex inheritance structure for your heirs. But you don't need to have a complicated estate to benefit from one. As with any other estate-planning document, a letter of instruction should be updated at least annually and kept in a safe place. It should be easily accessible by your relatives or executor.
Two Key Steps to Protect Yourself
As you know, I am passionate that the most generous gift you owe to yourself is to have a few essential legal documents in place to protect yourself, and your loved ones. So, you can imagine my frustration when I recently saw survey results that reported 7 in 10 adults don’t have a health care proxy (also known as a durable power of attorney for health care) or a financial power of attorney. If you have yet to create these documents... do it now.
Estate Planning in Canada
Estate planning in Canada follows many of the same rules and conventions as estate planning in other countries. The goal is to: distribute your assets according to your desires and minimize tax liabilities. You’ve worked hard for your money and your financial goals, so you definitely don’t want your wealth ravished by the government or used in a way that goes against your wishes and principles.
5 Tasks To Do Now, While You’re Still Well
Doing nothing could result in losing control over your affairs while you’re still alive, and undesired confusion and anger after you’re gone. You can help prevent these unwanted consequences by making these decisions while you’re still healthy, documenting them, and communicating them in advance to your loved ones. Here are four decisions you should move to the top of your priority list.
Shining a Spotlight on the Role of a Personal Trustee
The pandemic has put a spotlight on legacy planning by highlighting the need to get estate plans in order — a task most of us have admittedly neglected. Factor in the prospect of a lower estate tax exemption in the near future and an aging, affluent baby boomer population and it seems that 2021 is the perfect time to focus on estate planning, including creating, updating and finalizing formal estate planning documents.
Estate Planning in Light of Tax Reform: 2021 Update
While there is still a federal estate tax (and state estate tax in some states), the federal exemption has dramatically increased; but there is an expiration date. This temporary increase provides a limited window of opportunity to reduce your taxable estate by making additional gifts. You should consult with your advisor and estate planning attorney in order to determine the optimal way to make those gifts, and also to determine whether your current estate planning documents require revisions in light of the recent changes.
Inheriting Real Estate: 5 Situations You May Encounter
There’s nothing more difficult than losing a loved one. While pushing through the stages of grief, you may also have responsibilities to manage, like sorting through belongings or taking on inherited real estate. Do you have to keep the inherited real estate? Are you responsible for paying the mortgage? What happens if you can’t afford the home?
What Happens to Credit Card Debt When You Die?
What happens to you after you die? One thing's for sure: You won't have to worry about paying your bills anymore. For your survivors, it's another story. Will they be responsible for paying off your credit card balances? In most cases, no. When you die, any credit card debt you owe is generally paid out of assets from your estate. Here's a closer look at what happens to credit card debt after a death and what survivors should do to ensure it's handled properly.
Leaving Cryptocurrency Through a Trust
When you have cryptocurrency, you need to consider how to include this asset in your estate plan. If you don’t, your beneficiaries may not be able to access your crypto-investments after you die. Using a trust to transfer cryptocurrencies keeps information about your coins private and out of probate... saving your beneficiaries time and money.
Elder Law— Guardianship Alternatives
The standard under which a person is deemed to require a guardian differs from state to state. Generally, a person is judged to be in need of guardianship when he or she shows a lack of capacity to make responsible decisions. Because guardianship involves a profound loss of freedom and dignity, state laws require that guardianship be imposed only when less restrictive alternatives have proven to be ineffective.
Deciding Who Should Fulfill the Role of Trustee
Serving as a trustee is an undertaking that requires not only adherence to administrative requirements and commitments, but also one that is greatly enhanced by depth of knowledge, intuition, and concern for the wellbeing of trust beneficiaries. You should therefore entrust this responsibility to someone who recognizes the true value of things and takes the time to get to know you and your family.
Talk Estate Planning With Your Parents
We often think of estate planning as the process of designating who receives what assets and how to settle any debts. But an estate plan also involves detailing who would make decisions should a parent be incapacitated... Encourage a still living parent to engage with you and get the paperwork handled. You want this in place before there’s an issue. You need to know where all this information and paperwork is actually stored.
Take Steps to Keep Assets Out of Creditors’ Reach
While creating a will or a trust will certainly clarify and simplify the disbursement of your belongings when you die, these tools will not prevent a creditor from making a claim on your assets. To effectively prevent claims, you’ll need to make sure that assets never enter your trust or your estate in the first place. Here are ways to keep assets away from those arenas.
Quick Guide To High-Net-Worth Estate Planning
Not only are the nuances of estate planning fairly complicated, but things in the industry are also constantly changing, which often makes it difficult to keep up. From tax laws to tax liabilities to other issues that affect the family, there are so many things you have to consider. How do you navigate this complex process?
Power of Attorney: 5 Different Types Explained
A power of attorney, or POA, is an estate planning document used to appoint an agent to manage your affairs. There are several different types. Each serves a different purpose and grants varying levels of authority to your agent. The most commonly used types of power of attorney are: Durable Power of Attorney, Medical Power of Attorney, General Power of Attorney, Limited Power of Attorney, and Springing Power of Attorney.
Beneficiary Designation For Your IRA
The bank, brokerage firm, or mutual fund family acting as custodian undoubtedly has a standard beneficiary designation form; it’s likely that you took only a moment or two to write in the name of your spouse or the names of your children. If you have a large asset, shouldn’t you devote more effort to planning for its ultimate disposition?
Charting The Growing Generational Wealth Gap
As young generations usher into adulthood, they inevitably begin to accumulate wealth. However, over the last 30 years, the U.S. Federal Reserve shows that older generations have been amassing wealth at a far greater rate than their younger cohorts. With more wealth being concentrated in aging populations, how and when will the pendulum swing back?
How Much Does a Funeral Cost?
Funeral costs have been rising steadily since the 1980’s. Today, it’s not uncommon for the average funeral to cost up to $9,000 or more depending on whether the body is buried or cremated. Pre-planning for events you know will occur can help take some of the pain out of those expenses for yourself and your family – including funeral expenses.
Will Family Members Inherit Your Debt?
What happens to unpaid debt when a person passes on? There are laws governing exactly how the debts of decedents are handled. They vary from one state to another. In most cases, you will be able to protect your family members from creditors with advance planning. Find out how to protect your loved ones from facing creditors during an already difficult time.
Benefits of a Charitable Remainder Trust
A charitable remainder trust (CRT) lets you convert a highly appreciated asset like stock or real estate into lifetime income. It reduces your income taxes now and estate taxes when you die. You pay no capital gains tax when the asset is sold. It also lets you help one or more charities that have special meaning to you. You also receive an immediate charitable income tax deduction.
Estate Planning: A 7-Step Checklist of the Basics
You don’t have to be rich to need estate planning. One goal is to ensure beneficiaries receive assets in a way that minimizes estate tax, gift tax, income tax and other taxes. Here's what estate planning is and 7 things you can do to get started.
3 Life Insurance Moves to Consider as COVID-19 Surges
With U.S. hospitalizations due to COVID-19 hitting new highs, sadly, some families are reviewing life insurance coverage in case of the worst. Not all may be aware of options that can help a policy owner who is seriously ill, or could soon become so. Here’s a rundown of three life-insurance features that can help in case of serious medical issues.
Executor of a family estate? Here’s how to avoid infighting over inherited wealth
After a loved one passes, one of the biggest hurdles families face is passing wealth onto the next generation. Unfortunately, family dynamics can spur conflict and infighting among descendants. Over 75% of advisors polled by Key Private Bank said that the hardest part of estate planning is navigating interfamily dynamics.
Planning For Your Pet’s Care After Your Death
If you died tomorrow, what would happen to your pet? Many pet owners can’t answer this question, and the tragic result is that their companion animals end up neglected and abandoned. Every pet guardian needs a basic plan to pass caretaking responsibilities and ownership of their pet to a person or organization they trust. And the more unique your pet’s needs, the more important it is that you make a plan for it.
Debt After Death: What You Should Know
Some types of debts are forgiven when you die, and others could haunt your family until they’re paid off. The length of time creditors have to make a claim against the estate depends on where you live. Therefore, you should get familiar with your state’s estate laws, so you are well aware of which rules apply to you.
Holding Services During COVID-19
The COVID-19 pandemic has affected the ability of friends and family to come together in person and grieve in typical ways. This is true regardless of whether the person’s death was due to COVID-19 or some other cause. Family and friends are finding alternate ways to connect, support each other, and grieve after their loss. They understand the need to possibly plan for additional memorial services when COVID-19-related restrictions are lifted.
Readying Your Children For Their Inheritance
Financial literacy is top of mind for a growing number of families thinking about their estate. Preparing your children to be sound stewards of your wealth goes beyond the technical aspects of estate planning. Teaching them the skills, confidence and independence they need to manage wealth —whether inherited or earned— is just as important. Prepare your wealth to be transferred and prepare your heirs to inherit it.
Adding Beneficiaries to Checking or Savings Account
Your heirs may get tied up in probate dealing with specific financial accounts unless you designate beneficiaries. You can add a beneficiary or a payable-on-death (POD) to most savings and checking accounts. Sometimes your bank will ask for this information when you’re opening a new account, but they don’t always. Call the bank directly to ask how you can designate beneficiaries for each of your accounts.
Game Plan: Who Is On Your Estate Planning Team Roster?
Estate planning is a team effort and the lineup of individuals and professionals that you choose for your team roster will determine the integrity of your plan for years to come. An all-star lineup for your estate plan should include a team of individuals who will work together to design and implement your legacy goals. To maximize your strategic wealth goals, you should consider drafting the following individuals...
Does The Home You Inherited Include a Mortgage?
When a family member passes away, there are often questions about wills, inheritances and how best to settle financial affairs. It can be a stressful time, and complicated, especially when real estate is involved. What happens if you inherit your loved one’s home? What if they still have payments to make on their mortgage?
5 Key Estate Planning Documents You Need
Estate planning is a vital component of every financial plan, regardless of the size of an estate. Unfortunately, the need for estate planning is commonly overlooked. This often results in wasted dollars and emotional hardship that could otherwise be minimized with proper advance planning and action. There are five estate planning documents you may need, regardless of your age, health, or wealth.
Planning For Your Family’s Future: Is Your Life Insurance Sufficient?
It is important to periodically review your life insurance to make sure that you have a policy that will stay in-force long enough to accomplish your estate planning objectives. Recent actions by the life insurance industry to increase costs associated with some policies make it very important to have your insurance reviewed.
When You Should Refuse an Inheritance
Although seemingly counterintuitive, there are many reasons why a person who is to inherit assets under the terms of a loved one’s estate may wish to disclaim (that is, refuse) the inheritance. Some of these reasons are completely overlooked by heirs who stand to gain from disclaiming. If you are considering disclaiming your inheritance, it is important to discuss your intentions— once you have disclaimed an inheritance, you cannot change your mind.
What Services Does a Funeral Concierge Offer?
Planning a funeral can be overwhelming. A funeral concierge works on your behalf to educate you on the funeral services available, then gets you the best prices at your funeral home of choice. One of the biggest benefits of a funeral concierge is that they’ll help you select only the services you want.
Does Beneficiary Designation Override a Will?
Beneficiary designation exists for vehicles, bank accounts, and smaller properties, but they are most utilized in retirement accounts and life insurance policies. A beneficiary designation provides the basis for an immediate transfer of any assets to that beneficiary upon the original owner’s death. Beneficiary designations bypass the probate process and are subject to unique federal and state rules.
Personal Representative vs. Trustee
If an estate plan includes a trust, those concerned should understand the fundamental differences between these two roles. Both are types of "fiduciaries" with a responsibility to act in the best interests of the estate and its beneficiaries, but each plays a very different role in an estate plan.
Estate Planning: 16 Things To Do Before You Die
There's more to estate planning than simply writing a will. Accounting for all of your assets and wishes will ensure your plan is executed smoothly after your death. Along with implementing your plan, you must make sure others know about it and understand your wishes.
Understanding The Difference Between Two Types of Durable Power of Attorney for Finance
When do you need your estate plan to “go to work” for you? While you may think the right answer is “after I die,” the actual answer is “if I lose the ability to manage my own affairs.” That means having the right kind of Durable Power of Attorney for Finance drafted and signed.
Designating Beneficiaries: 5 Common Mistakes
Chances are you have a beneficiary. They are pretty common, from retirement accounts to trusts to wills. And they figure prominently in life insurance policies. But just as common are certain mistakes that get made around beneficiary designations. Here are five that financial professionals like to warn people about.
Life Insurance | An Essential Part Of Your Estate Plan
Whether your estate is small or large, life insurance is an essential part of your estate plan and should not be overlooked. Life Insurance provides liquidity to your estate and it increases the value of your estate. Benefits are paid quickly to your beneficiaries, once a death claim form and original death certificate is provided to the life insurance company.
Who’s in Charge? Key Considerations in Choosing Your Executors
People often only consider close family members, but they may not always be the best choice. Surprisingly, there is no licensing for an individual person to act as an executor and no professional education or qualifying course, yet the role has enormous responsibility as well as liability, and is increasingly complex given changing laws and tax rules.
Estate Planning Checklist For Canadians
Because most people don’t like to contemplate their own mortality, estate planning is often a neglected aspect of financial planning. But as the population ages —with approximately 6 million Canadians currently over 65 years of age— it’s a topic that deserves more attention. Let’s take a look at what is involved in estate planning and how to get started with an estate planning checklist.
10 Basic Rules For Your Estate Planning Checklist
Your estate plan never is final. The property you own and its value changes. The members of your family change through births, deaths, marriages, and divorces. Your goals might change. You might be inclined to leave more or less to charity or specific heirs over time. There aren’t many strategies that should be in every estate plan. But there are some basic rules and guidelines that apply...
Naming a Child as a Life Insurance Beneficiary
Avoid naming minors as life insurance beneficiaries. Instead, choose a reliable adult or designate a trust account as your policy’s beneficiary to ensure your children’s financial protection. Creating a strong estate plan —and updating your life insurance policy beneficiaries after every major life event— will keep your kids financially safe.
How to Transfer Real Estate to Family, Heirs and Beneficiaries
Heirloom real estate includes vacation homes or other second homes, farms, a longtime residence and similar properties, but not business or investment properties. There are ways you can ensure a property remains heirloom real estate. But have candid conversations with the next generation to ensure they understand the full picture and are interested in retaining the property.
Estate Planning: Why You Absolutely Need it
One goal of estate planning is to make sure your wealth and other assets go to those you intend (and not to others), with particular emphasis on minimizing taxes so that your beneficiaries can keep more of your wealth. But good estate planning also can reduce family strife, and provide clear end-of-life directives should an individual become incapacitated. Here’s why you absolutely need it...
Getting Your Affairs in Order
Preparing and Organizing Legal Documents for the Future— it's this kind of planning that can make all the difference in an emergency. Getting your affairs in order can be difficult, but it is an important part of preparing for the future, for you and your loved ones. It is important to gather as much information as possible to help ease the process.
How Does a Life Insurance Beneficiary File a Claim?
Losing a loved one is never easy, but falling into financial hardship can make a loss even more difficult. Filing a life insurance claim can take at least one worry off of your mind, and ensures that the policyholder’s premium payments over the years don’t go to waste. Filing a life insurance claim is straightforward and easy if you’re prepared.
How to Hold an Estate Sale on Your Own
Considering the percentage professional estate sale companies take, you may be wondering if you can do it yourself. Planning an estate sale takes much longer than you expect it will, especially if it's your first time. It's a lot of work, but you absolutely can hold an estate sale without hiring a pro.
Wealth Manager vs. Financial Advisor
When it comes to your finances, going at it alone can sometimes be intimidating as you try to come up with a game plan. But if you want professional help, make sure you’re consulting the right expert for your needs. Many independent financial advisor firms offer wealth management in addition to their other services. You can also find wealth management services from banks and other big financial institutions.
What Happens To Auto Insurance When Someone Dies?
In the event that a policyholder passes away, his or her heirs should understand what will happen with the automobile insurance so that they can take the appropriate steps. The insurance company should be notified right away following someone’s death.
Is Life Insurance Tomorrow’s Problem? Findings from the 2020 Insurance Barometer Study
For the last decade, Life Happens and LIMRA have come together to understand the “financial pulse” of consumers as part of the annual Insurance Barometer Study. This year’s study reviews 10 years of consumer data on life insurance and related financial issues, providing a point of view from January 2020, before COVID-19 significantly impacted the U.S.
Protect Your Estate With Life Insurance
Life insurance may play a vital role in an estate plan because insurance proceeds can be counted on to provide liquidity when it’s needed. With proper planning, insurance money can pay expenses such as estate tax and keep other assets intact.
Estate Planning 101: Your Guide...
It's never too early to start working on how your things will be handled once you pass away. But it's an ongoing process, and your documents will need to be updated throughout your life. Here are some of the key steps in getting started.
Memorializing With a Donation
Have you ever noticed that some people request donations "in lieu of flowers" after a loved one passes? The idea behind it is that the flowers will fade over time, but a donation will help someone who is living. It's always a good idea to follow the wishes of those requests. Sometimes the request is for a specific charity, while others request a donation to your favorite cause.
Why You Must Include Technology in Your Estate Planning
The technology you use regularly must be incorporated into your estate planning. The key issue for all your online activities is there is no paper trail unless you create one. Unless you tell them, your executor and heirs have no way of knowing about your e-mail accounts, electronic banking and brokerage accounts, online social networks, blogs, and more.
Estate Planning Checklist: 12 Steps You Need to Take
You need an estate plan. This is true even if you don't have a lot of assets. It's also true if you're young, or if you don't have close family members. Estate planning means preparing for the inevitabilities of life. People get sick or hurt… become incapacitated, unable to make important decisions on their own, or unable to live independently. Estate planning helps to protect your family and your assets in any of these unfortunate situations.
Estate Planning Documents to Update When Getting a Divorce
If you are considering divorce or beginning the process of getting divorced, you must review your estate plan to make sure it reflects your life change. Keep in mind that it doesn’t matter how far along the divorce is or how long the action has been pending, the law considers you to be legally married until the judge signs the final decree ending the marriage.
7 Things to Consider When Naming a Guardian for Your Minor Children
Naming someone to serve as a guardian for your child may seem overwhelming. While there is a lot to consider, the bottom line is that you'll need to put these seven considerations in order of priority for you and your children.
Estate Planning During The Covid-19 Crisis
Across the country, Americans are reeling from the impact of the Covid-19 crisis. But as volatility impacts all areas of our daily life, many wealthy Americans are looking at their estate planning to see if there are any unique opportunities. While this may seem to be an odd time to focus on estate planning, when it comes to wealth transfer, timing is everything.
Pandemic highlights importance of estate planning
In these challenging times, estate planning can be at the forefront of ensuring that clients and their loved ones are protected. Certain high-risk groups may be more motivated to update existing plans or establish estate plans for the first time. Others who have perhaps put them on the back burner now want to get their plan over the finishing line.
Choosing an Executor
Your executor is responsible for protecting and administering your estate and distributing your assets to your beneficiaries. These are key duties that require a substantial amount of time and effort — and the ability to make capable, and financially responsible decisions. Choose someone who is willing and able to carry out the many required tasks. Ask the person before appointing them.
Estate Planning Mistakes People Make Over and Over
You should talk to your heirs while you're still alive about your wishes. Confused loved ones and stressed families must endure long, complex legal processes when a proper estate plan isn't put into place, and lawsuits may ensue.
Why and how to transfer ownership of your estate during your lifetime
No one likes talking about their own death. That may be why most people are hesitant to talk about estates, wills and inheritance with their loved ones. What if we told you that instead of passing on your possessions to your loved ones after you die, you could pass on your estate during your lifetime? Here’s an overview of this option in Q&A form!
What the Great Wealth Transfer Means For the Economy
The baby boomers hold more than half of all the wealth in the United States. As they age they’re going to begin transferring that wealth to their adult children. That comes with significant consequences for personal finances and the financial advice industry, not to mention ensuing generations.
Intrafamily Loans: The Good, the Bad and the Ugly
There are many tools in the bag of any good estate planner, one of which is the intrafamily loan. Most planners will recommend this option, depending on a family’s internal dynamics and the liquidity needs of the patriarch/matriarch. Before you lend a family member money, make sure you understand how these loans work. And examine some pitfalls that can make these loans perilous.
Bank Accounts & Beneficiaries: Ask Your Institution
You may wish to convert your checking account to a POD (payable-on-death) account if you want someone specific to receive the money in it. POD accounts bypass the estate and probate process. To claim the money, the beneficiary simply has to show up at the bank, prove his or her identify, and produce a certified copy of the account holder’s death certificate.
What Is a Prepaid Funeral Plan?
A prepaid burial plan isn’t as much a product as it is a preparation strategy. It’s simply taking steps to layout everything connected to your funeral, and prepaying the funeral home. Create your plan now so loved ones don't need to do it later.
Special Estate Planning Challenges: Firearms
Estates with firearms present unique challenges because guns are one of the most regulated products in the country. In addition to federal laws, every state has its own rules regulating the possession, transfer and storage of firearms. If firearms are a part of your estate, it is critical that you speak to a professional to protect your inheritance. Without proper planning, your beneficiaries, executors and trustees could easily break the law.
The Ultimate Guide To Estate Planning In The Digital Age
Given the nature of our digital world, today, as well as the privacy, security and identity theft precautions you must take, the last thing you want is a notepad in a drawer somewhere. Estate planning is essential. Learn how to be prepared for what is inevitable!
How to Distribute Family Heirlooms
The sentimental value of the family heirlooms is priceless, of course. But it’s important to establish a financial value as well. With careful planning, you can make sure the items are divided among your heirs exactly how you choose, without causing conflict among your loved ones. From pieces of art to antique jewelry, here are tips on how to distribute family heirlooms after death.
Passing On Your Guns— Ontario
One of the most thoughtful things you can do for your loved ones is to plan for the dispersal of your firearms should you be unable to do so. If you own firearms, but aren’t licensed, then you’re in illegal possession. For the sake of your spouse, executor, and inheritors —who shouldn’t have to deal with that complication— your "PAL" (Possession and Acquisition Licence) is essential to the development of an estate plan.
How Living Trusts Can Safeguard Your Assets
A living trust is a type of estate planning tool that allows you to transfer ownership of your assets to a separate fund while you're still alive. Figuring out who should get your assets after you die can be tough. You want to ensure that each heir gets the right amount, in the way you want to give it and without unnecessary delays. For this reason, a living trust can be very attractive.
How to Make Plans to Provide Care for Your Pet
If you have a pet, you undoubtedly take steps to be sure he or she is cared for if you go on vacation. Consider what would happen if you became incapacitated without provisions for your pet. The best way to take precautions and ensure your pet will be well cared for is by doing some estate planning.
Life Insurance in Canada— How it Works
Far too many people wince at adding the cost of insurance to their list of fixed expenses. But, life insurance is ... the best way to ensure financial security for yourself and/or your family in the event of an unexpected life event. If you have an income, and you have assets of any kind, you need insurance. And if you have a family, life insurance is a necessity to protect them in case something happens to you.
2019 NFDA Study Shows Funeral Costs Not Rising As Fast As Rate of Inflation
The National Funeral Directors Association (NFDA) released the results of its latest Member General Price List Study, which shows that the median cost of a funeral has increased 6.4% over the past five years to $7,640 and the median cost of a funeral with cremation has increased 7.3% over the past five years to $5,150. The report further notes the overall rate of inflation has increased 8.4% over the same time period.
How To Handle Debts and Mortgages in Your Estate Plan
Grieving the loss of a loved one is a grueling process, and being responsible for their finances after they die adds further levels of responsibility and anxiety. One matter that is often overlooked is how to deal with debts and mortgages left after death and who is responsible for the payments. Knowing what preliminary steps to take when organizing finances, however, can bring needed relief.
Inheriting Firearms— Canada
If a court has prohibited you from possessing firearms, you cannot take possession of firearms left in an estate. But generally —for a reasonable amount of time, while the estate is being settled— you are still able to act as executor and transfer the firearms to someone who can lawfully have them.
What Happens When You Inherit a House?
Inheriting a house — while a generous gift from a loved one — kicks off a process that can be fraught with emotion. You’re likely receiving this property as a result of a loved one’s death, and the financial decisions that come with inheriting property can be stressful and confusing.
Why a Will Is Not Enough
A will goes into effect only when you die. In the event that you are merely incapacitated, a will won’t help you one bit. A will certainly has its place in your must-have documents file. When you die with only a will, it does not make it easy to pass assets to your heirs. A will must be authenticated by a judge before it is considered valid. This happens via a court procedure called probate. The probate process takes time and money.
Important Papers to Locate After Someone Dies
Family members will need to locate all of the decedent's important papers. It will give family members and, if necessary, the estate attorney assisting the family with settling the decedent's final affairs, all of the pertinent information needed. Copies of the documents are fine unless otherwise noted.
Responsibilities of an Executor in Canada
Executor duties are quite extensive. It takes about two years to close an estate in Canada. This is a complete list of basic executor tasks only. Each estate is different and may require different actions. Be sure to review your duties —and their timeline for completion— with a legal professional.
How to Make Your Funeral Wishes Known to Your Loved Ones
The Final Arrangement Documents You Need for Your Funeral Wishes. Creating a final arrangements document can ensure your final wishes are carried out upon your death and ease the burden of making those difficult decisions for your loved ones.
How Much Inheritance Is Too Much?
Some wealthy parents are concerned that —after a certain point— money passed down will be damaging to the next generation. The worry is not necessarily a groundless rich-person neurosis. Whatever today’s parents and grandparents decide to leave to the next generations, hopefully the heirs will know what’s coming— and be ready for it.
A Financial Checklist After the Death of a Parent
No one thinks dealing with the loss of a parent will be pleasant. We expect a morass of unfamiliar and uncomfortable emotions. We anticipate unprecedented grief. But no one warns us about how much math and paperwork it entails.
Canada’s Deemed Disposition Tax— What You Need To Know
The deemed disposition tax, which is similar to the estate tax in the U.S., is deferred when assets are transferred to or held in a spousal trust for a surviving spouse. Creating a trust allows you to transfer assets while you are still alive, which avoids probate costs.
Death and Titles: How to Obtain Ownership of a Deceased Person’s Car
If at all possible, have the transfer made or documented thoroughly when the owner is still alive. It will save you a lot of time, frustration, and extra work. Old titles don’t have a field that specifies a beneficiary, so transferring isn’t so simple. That’s not to mention the trouble that an existing lien on the car or a challenge of ownership could bring.
Best Ways To Secure Important Financial Documents
Let’s face it, when it comes to storing important financial documents, a shoe box under your bed doesn’t really cut it. Estate-planning documents — such as wills, trusts, living wills, medical directives and powers of attorney —are very important... So where do you keep them safely secured?
11 Ways to Make a Funeral Affordable but Not Cheap
Funeral planning is something most of us would prefer to avoid. But it’s important to take control of this process. If you don’t, you might needlessly spend thousands of extra dollars in costs... whether you’re planning your own or someone else’s. Here are some great options.
Digital Asset Inventory
So much of our lives take place online, but we don’t often think about what happens to our digital assets when we’re no longer here to manage them. It’s important to plan— to prevent any financial or sentimental losses. And while laws and regulations surrounding data and digital assets are still evolving, there are steps you can take now to prepare.
Cottage Co-Ownership Predicament: Who Will Inherit?
Relaxing lake-side at the cottage is a classic Canadian past-time, but at the end of the day it leaves many families with the same cottage co-ownership challenge: who’s going to inherit it? Unfortunately, the sentimental value intertwined with many cottages makes them a common target for estate disputes and conflicts. So how can Canadians prepare their estate to make sure fond cottage memories don’t fuel a heated legal battle?
What is the Difference between a Nonprofit Organization and a Charity?
While all charities are nonprofits, not all nonprofits are charities. A nonprofit is based on the simple premise that none of the corporation’s net profit will benefit any individual. A charity is an organization with philanthropic goals that aims to improve the quality of life for the community and beyond.
Inheriting a Classic Car
When we talk about inheritance, we usually think about land, money, or a house, but rarely a classic car which is why a lot of people have no idea on what to when they inherit one, especially if they have no idea about its value, its make and model, or have little idea about cars altogether.
How To Sell a Deceased Family Member’s Car
Being thorough and organized is key to selling a deceased family member’s car. This guide can help you through the process of selling that car and relieve some of the stress that accompanies the death of a loved one. Taking care of these details will help you navigate the legal process, ease your stress, and sell the vehicle.
5 Emotional Blocks to Estate Planning
Death and taxes are two subjects that are both emotionally charged. Nobody wants to talk about either one of them. Do you break out in a cold sweat when discussing your will? Can you bear to think about whether there will be enough money to live on if your husband dies? Can you even think about which kid will run the business when you die; let alone talk about it in a family meeting?
How To Create A Digital Estate Plan
The digital world is now an integral part of our personal lives. Few people consider their digital assets and what should be done with them when they pass away. This is where having a digital estate plan in place can be a great idea.
12 Documents to Prepare Now for Your Heirs
It's crucial for you to have important documents ready. At best, loved ones are left trying to sort through paperwork while dealing with grief. In a worst-case scenario, your heirs may miss out on life insurance benefits and tax deductions, or overlook accounts because they don't know they exist. Being prepared for the inevitable is not only a smart thing to do, it's also a kind thing to do.
The 4 D’s of Self Storage: Death, Divorce, Dislocation, and Downsizing
Just because a storage tenant passes away doesn’t mean their rights pass away with them. Unless you have the codes and keys to get into the storage unit on your own, you will need to obtain some legal papers to access the unit. Management can’t unlock the unit for anyone unless they have an official death certificate and court letter.