The beneficiary of the estate depends on the estate plan! Here is the question....
What is an Estate Plan???
An estate plan is the process of positioning your assets so that they will retain as much value as possible and will go where you want them to go after you pass away. It's more than just writing a will. It is the use of many strategies that will protect the value of your assets, while you are alive as well as after you pass away.
Why develop an estate plan?
Many people, organizations and governments have an interest in your estate.
- Spouse
- Creditors
- Governments
- Children
- Business Partners
- Ex-Spouses??
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You may want your spouse and children to receive the benefits of your estate, but poor planning may enable the governments and creditors to greatly reduce the amount you leave to your heirs.
What areas are important in an estate plan?
- Wills
When you have been meticulous and decisive in building up assets during your lifetime, it seems tragic to allow the provincial government to determine how these assets will be partitioned amongst your family.
- Tax Reduction
Proper planning, even starting early in your life, will enable you to make arrangements so that your assets can be passed on to your heirs with minimum disruption due to taxes.
- Asset Protection
Sometimes your own success can set you up to be a victim of other people who want a piece of that success. Disgruntled employees, business partners, and even ex-spouses can sometimes start actions against you, which may leave your assets somewhat depleted. Appropriate asset protection strategies should be implemented so as to limit any potential losses.
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