The Importance Of Having a LIFE-FOCUSED ESTATE PLAN

Ahsan Khan - Mar 07, 2025

Most people have no idea what an Estate Plan is and how costly it is to make a mistake due to this lack of knowledge. The largest tax-bill you may ever pay will happen at the time of winding down the Estate for many Canadians.

Most people have no idea what an Estate Plan is and how costly it is to make a mistake due to this lack of knowledge. The largest tax-bill you may ever pay will happen at the time of winding down the Estate for many Canadians.

A Proper Estate Plan is a concept, it is not a product or report or set of documents you create in one sitting. It is an ongoing and dynamic process that has certain components. They say knowledge is power and often profitable too.

Six Essential Components of a LIFE-FOCUSED ESTATE PLAN

  1. Proper Documents: Via Wills or Trusts or Powers of Attorneys that optimize fairness and efficient estate outcomes.

  2. Proper Tax Projections: Via a detailed Wealth Plan that shows your net-worth today vs. tomorrow and the taxable consequence to your heirs and estate.
  3. Funding Sources to Pay Estate Taxes: Via analysis of what can and should be used to pay the taxes, proceeds of investments, liquidation of real estate, sale of business and tax impacts.
  4. Coordination of Duties for Estate Executor and Beneficiaries: Via identifying the duties and capabilities of the Executor whether they be a friend, relative or Corporate Executor.
  5. Proper Education About Wealth and Inheritance for Heirs: Via family discussions and meetings well before death to ensure wealth is not wasted.
  6. Re-imagining and re-inventing the Vision of our future: Via a road-map discussion to enjoy wealth today to enhance life’s experience with loved ones and your vision of your best life.