Estate planning

For many, estate planning sounds lofty and complicated, but it really isn't. You should give careful consideration to the financial, legal and tax issues that will affect the transfer of your assets to your beneficiaries. At any age, an estate plan can help you:

1. Set a value on your estate through an analysis of your assets and projected estate values over time.
   
2. Assess and address current and future liabilities, such as mortgages or bank loans, probate fees (estate settlement legal proceedings), taxes, legal fees, executor's compensation, and any personal guarantees that will be payable by your estate.
   
3. Determine how best to meet the needs of your beneficiaries.
   
4. Protect your estate and your intended beneficiaries from costly legal red tape, competing interests, and unnecessary taxation. This is reason enough to give it some serious consideration.

The risks of delaying estate matters

As the average life span increases, so does the probability of acquiring a critical illness, requiring long-term care or becoming mentally incapacitated during your lifetime. A forward-looking estate plan would provide for these health conditions using insurance†.

Incapacity or ill health raise another estate planning issue: what if you aren't capable of making crucial decisions concerning your health, finances or the care of your children? To prepare for such a possibility, you need to name a Power of Attorney (called a Mandate in Quebec), both for personal care and for property and asset management. The individual(s) or trust company you name as your attorney will have the power to make these decisions for you.

If you have minor children, you should take great care to nominate a Guardian for them —someone who shares your values and who is physically, emotionally and financially capable of taking responsibility for your child(ren) if necessary. Your estate plan should protect you and your assets from the risks of financial and legal mismanagement and excess taxation.

I have the knowledge, experience and resources to help you develop a plan that offers these protections, to ensure greater peace of mind for you, your family and your beneficiaries.