We all know that our time on earth is finite. What you may not know is that more than half of Canadians pass away without a valid will or estate plan.
Some of the reasons we have heard from clients over the years include not knowing where to start; that it costs too much; you are afraid it might curse you; there’s no time; you don’t want to (or can’t) think about it right now; you and your partner can’t agree who to leave the money to; the kids aren’t responsible and will squander any inheritance. If you think about it, you can find many reasons for not having your will done.
Occasionally clients pass away which usually prompts us to share the message of the importance of having a properly laid out will. We can sometimes be a nag about such things, but we know if you eventually get your will done you will feel better knowing that you have taken back control of your hard-earned estate from beyond the grave.
Wills can come in a variety of forms. There is a holograph will, which is a document that is written all in your own handwriting. Although we don’t recommend this, we feel it is better than no will at all. We advise that a proper will should be drafted with a lawyer. We know that in order to save money, some people have opted to complete a fill in the blank will that you can get online or purchase in a store. There can be many complications that arise from these types of wills including that they are not properly witnessed and/or dated. There can also be a lot of areas not addressed properly where they can be challenged in court. This can tie up an estate for several years.
Of course, having no will leaves your estate and disposition up to the government to dictate how your possessions will be disbursed. Having the government disburse your estate is likely not going to be tax efficient or fair.
As a full service advisors we can help with opening and setting up accounts properly to reduce probate and other taxes by utilizing beneficiaries where possible, making accounts joint where appropriate, explaining the difference between successor holders and beneficiaries and how it can save income taxes in the future, and of course giving you the right asset mix to meet your goals of saving taxes and possibly providing a regular income stream into retirement for you or the partner you leave behind.
There are many areas in the estate planning process that we share our knowledge and expertise as part of our services and commitment to you. You can benefit from our advice and recommendations by contacting us to discuss your own personal situation. We are always here to help and to make sure that you have things in order. It doesn’t cost anything to get started.
If you would like to discuss your own personal situation, pick up the phone and call us today, send an email or go to our website and book an appointment directly. You will be glad you took this first step.
iA Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. iA Private Wealth is a trademark and a business name under which iA Private Wealth Inc. operates.
This is not an official publication of iA Private Wealth and the information and opinions contained herein do not necessarily reflect the opinion of iA Private Wealth. The particulars contained on this article were obtained from various sources which are believed to be reliable, but no representation or warranty, express or implied, is made by iA Private Wealth, its affiliates, employees, agents or any other person as to its accuracy, completeness or correctness. Furthermore, this article is provided for information purposes only and is not construed as an offer or solicitation for the sale or purchase of securities. The information contained herein may not apply to all types of investors. The Investment Advisor can open accounts only in the provinces where they are registered.
*Insurance products are provided through iA Private Wealth Insurance, which is a trade name of PPI Management Inc. Only products and services offered through iA Private Wealth Inc. are covered by the Canadian Investor Protection Fund.