Estate Planning

Estate Planning

Why is Estate Planning Important?

Many people assume that estate planning is only for the wealthy. So, it must come as a shock to the families of all the Canadians who die every year without a will when the province takes control of the estate to decide how the assets are to be distributed. Even for smaller estates, the costs and delays of probate can have devastating consequences. The goal of estate planning is to arrange your financial affairs in a way so that your assets can be passed to your heirs as quickly and as completely as possible.

The good news for Canadians is that no estate tax is owed when an estate is transferred to your heirs after you die. The bad news, however, is that depending on the type of assets in an estate there may be "deemed disposition tax" that could seriously disrupt the financial lives of your surviving family. Properly planned estates have assets arranged and titled in such a way as to minimize any taxes payable. Estate planning tools such as trusts are often employed to reduce the exposure to taxes. Estate planning is not just planning for death; it is also essential to ensure that your affairs are handled in accordance with your wishes while you are alive. Should you become mentally or physically incapacitated and unable to manage your own affairs, tools such as a power of attorney become important life planning tools.

Many people avoid estate planning because they think it is complicated and expensive, which, for most estates, is not true. While it usually requires the guidance and assistance of an estate planning professional or attorney to execute the legal documents, a lot of time and expense can be saved by organizing your financial information and determining your goals and objectives prior to meeting with one. At the very least, everyone should have a simple will, which for the amount of distress and costs it can prevent, is very inexpensive. Larger estates may require additional layers of estate planning tools, such as trusts. Still the more preparation done in advance, the easier and less expensive the process will be.

Estate Planning Resource Links


Contact our office for more information about Estate Planning.

Our Dealership

Dealer

Mutual Funds provided through Equity Associates Inc.

E-newsletter Sign-up


Click Here for Current Issue

* 
* 
* 


Email marketing by AdvisorNet Communications Inc

My Insurance Broker

Home, Auto & Commercial Insurance provided through My Insurance Broker.

A WORD FROM OUR CLIENTS

  • There are no words I can express how grateful I am having Chan working for me. I trust him explicitly as his knowledge and caring personality has proven itself again and again over the years. I never hesitate for a moment to refer my family and friends. None have been anything but pleased.

  • It has been a few years I know Chan Yin as my Financial Advisor. He is very professional and hard to deliver the best for your investments.

  • What can I say about Better Financial? How about they are better than just a financial Advisor in my experience.

    I've been a long standing client of Chan Yin and his team for over 15 years and it's not only what they have done for me financially, it's the personal approach that's kept me with such an incredible and caring company. They have met and exceeded all my goals and have always been there for me. I can't say enough about how professional and kind hearted the team at Better Financial are.

    I have recommended them to all my friends and family and no one has ever been disappointed. Thank you again for all you have done and do for me.

  • Our friends who had previously worked with Chan referred us for our first home purchase. We weren't experienced in this area and didn’t want to make a mistake. Chan was so helpful in guiding us through the process of getting our first mortgage. He also got us a better rate than what we found on our own. His warm and genuine personality inspired trust. This was important for us; we had a good experience and were pleased with the result.

  • We have been working with Chan for a number of years and have found him to provide clear and concise advice in a highly professional manner. He has spent time understanding us, where we are coming from and our goals; has provided clarity on our existing financial planning and has provided us with a clear strategy as to how we achieve the goals that we have.

  • We have been referring clients to Chan for a number of years now. He has always provided them with sound advice and they appreciate his friendly yet professional manner. Over the years he has earned my trust and I now have every confidence that any client I refer to him will receive the best possible service.

Mortgage Intelligence

Mortgages provided through Mortgage Intelligence.

Better Insurance Inc.

Life and Health Insurance provided through Better Insurance Inc.

Life Insurance Quick Quote