Estate planning should be a crucial part of your life. No one wishes to die before making a concrete will for his/her future generation. Yet a lot of people tend to remain oblivious about estate planning. The reason is simple. People always think they have enough time left for planning or they think estate planning is something that is supposed to be dealt with in older age.
I think it’s a great mistake to take estate planning lightly. Who knows when a tragedy can occur in your life. So you better be prepared.
What is Estate Planning?
Estate planning is the task of preparing and arranging for the transfer of an individual’s assets and wealth after his/her demise. The individual must write, sign and notarize the estate plan.
Here are our top 10 tips for an excellent estate plan-
1. Start planning right now
The first tip is simple. Take the initiative as soon as possible. Don’t leave things for tomorrow. People don’t take estate planning seriously because it has no instant benefit. Don’t get any kind of pressure to do it. But once you consider the bigger picture, you will understand how valuable is this planning.
These are the significant things you need to sort out first-
- Meet with a professional who can give you a preliminary picture.
- Make a complete list of your assets and liabilities.
- Choose your beneficiaries.
- Determine who will supervise the plan.
- Determine the right person to be your Power of Attorney.
2. Don’t document anything by yourself
Your property and legacy is not something to take lightly. You don’t want to make any critical errors on this subject. Meet with an expert estate planning attorney to ensure your documents are precise and accurate. The attorney will draft every document. He will ensure that-
- The documents are sound and valid according to Calgary law.
- Perfectly represent your wishes.
- Accurately interpret your intention.
If you do not draft documents accordingly or fail to understand specific clauses, it may be too late to correct when the time comes. Consult an expert Calgary estate planning attorney to protect your property.
3. Consult with your family and the nearest friends
Estate planning is a sensitive issue. It’s just not a matter of calculation. You must consult with your family and friend first. There may be a lot of points you don’t take into consideration. Your family members and friends can give you some new perspective. They can also present their demands and wishes. It will help you to reach into conclusion easily.
4. Determine who gets what
To determine who will be the beneficiaries of your asset or what portion you will give whom, first take note of these things-
- Your land property.
- Bank accounts.
- Insurance policies.
- Stock investment.
Then you can easily decide who will get what portion of your property.
5. Create a testamentary trust
You can establish a testamentary trust by including certain conditions in your will. It will protect your property after your death. It is a smooth cost-saving transition.
6. Reduce estate and income taxes
Consult with an expert Calgary estate planning lawyer. He can help you to minimize or avoid taxes. An experienced lawyer can help you adopt the most beneficial methods of distributing property. There are lots of windows to secure that inheritors receive the highest percentage of their inheritance. A wrong move can cost a lot of your hard-earned savings to waste on taxes.
7. Review time to time
When you are done with your estate planning, don’t just leave it there. You must revisit everything and keep things up to date. Your net worth can fluctuate from time to time. You may have a significant life event like the death of your inheritor or birth of a child or grandchild. You may also buy new insurance policies.
So everything needs to take into account. You may consider taking constant advice from an experienced Calgary estate planning lawyer to get things in order.
Estate planning needs time and patience. A solid plan never comes easy. A wise man always tries to picture the worst-case scenario. So he wouldn’t like the idea of leaving estate planning for the future. An accident can happen to anyone at any point in life. That’s why it’s called an accident. You must straight things up before it’s too late.
Estate planning is, indeed, a complicated matter for general people. But with the help of the professional and right set of mind, you can manage it without breaking a sweat. If you do it early, then you don’t have to take stress in the future.
If you have any queries regarding estate planning, contact us. We will try to give you the best possible consultancy.