Christopher Loy CPA, CA
Senior Portfolio Manager & Senior Investment Advisor
BMO Nesbitt Burns
1 First Canadian Place
39th Floor, P.O. Box 150
Estate planning is the process of structuring your personal and financial affairs so that, upon death, your assets are distributed according to your wishes. A properly prepared estate plan will help minimize income taxes and probate costs, provide for charitable donations and other gifts, ensure that your family does not face financial hardship and, in order to avoid any future conflicts, clearly define your wishes regarding the final distribution of your assets.
Have you planned for what would happen if you were no longer here to take care of things? While there are a number of very human reasons for avoiding the issue – ranging from ‘I don’t have time’ to ‘it’s depressing’ – estate planning is too important to ignore.
Regardless of your age, the size of your estate or the complexity of your situation, you need to be able to answer some basic questions with certainty.
- If you were to die, would your spouse be financially secure? Could your family maintain their standard of living?
- Where practical, have you organized your affairs to minimize the impact of income taxes and other estate costs?
- Are you sure that your estate will be distributed as you intend? Are the instructions in your will consistent with the way you have organized your affairs and registered your assets?
- If you become incapacitated prior to your death, do you have Powers of Attorney or, in Quebec, a Mandate to protect your finances and manage your personal care?
- An estate plan forms a key component of your overall wealth management strategy. Our team has the knowledge and expertise to guide you through the estate planning process.
For more information, please contact me.