Tips For Successful Estate Planning Estate Planning Doesn't Have To Be Complicated

we're not going to live forever. Which means we need to plan ahead, and organize our estates - if we don't, we risk having our assets portioned off by the government! These quick tips will help get you started on planning your estate.

 

Step 1: Talk To Your Family

 

It's a good idea to involve your family in the estate planning process. This communication is even more essential if you have a business. With- out prior consultation, family members could harbour resentment toward you, or initiate legal challenges to your Will. For more tips on talking to your family about money matters, we can provide you with an excellent brochure entitled "You and Your Family."

 

Step 2: Write Your Will

 

After a consultation with your family, you're ready to write your will. Make sure to keep your will up to date as finances and family situations change.

 

Step 3: Appoint an Executor and a Power of Attorney

 

An executor is in charge of managing your estate upon your death. He or she will man- age property, settle bills, and distribute assets - so make sure your choice is qualified for the job. You'll want to be equally selective about your Power of Attorney - the person responsible for handling your affairs should you become incapacitated.

 

Step 4: Think About Charitable Giving

 

Plan your charitable giving ahead of time to minimize taxes and maximize money for your beneficiaries. Under current legislation, your donation may be claimed against income in the year of your death.

 

Because of the legal and financial challenges of organizing an estate plan, it's essential to seek a professional opinion. Proper estate planning can make a substantial difference to your tax liability, and it can make all the difference to your family's future! Call or email us today to receive "10 Easy Steps," a starting check list for estate planning.