How should you plan your estate?

All planning involves the future, where what will happen is unknown. Estate planning must take into consideration possibilities that may affect your assets and liabilities beyond your lifetime.

This is why consulting with experts can be invaluable. Professionals with years of experience in estate planning, such as the members of the Estate Planning Council of Edmonton, can often provide legal and financial guidance that will save you far more than their fees for service. In fact, their advice is likely to prove even more valuable in the long term.

  1. The best place to start your estate planning is with your lawyer, to draw up a properly drafted will – or to review your existing one. At the same time, you will want to set out your wishes in the case of your mental incapacity to manage your affairs by creating an enduring power of attorney and a personal directive.
  2. Next, you will want to meet with an accountant/tax advisor to create an inventory of your assets and liabilities, to ensure that the tax impact on your estate will be as low as possible, and to maximize after-tax income in the meantime.
  3. An insurance advisor, who has knowledge about a wide range of currently available products, will be able to help you provide your family with sufficient liquidity and immediate cash following your death to meet debts, probate fees, professional fees and last expenses.
  4. A corporate trustee may also be part of your estate-planning team, providing guidance and trusteeship of assets on behalf of family members.

The members of the Estate Planning Council of Edmonton can help you in every way, with every aspect of your estate planning!