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The third and final document that you should have prepared in the event that you are unable to make personal decisions due to illness or injury is the will. A will is a legal document that allows you to direct how your property will be distributed after your death, name your personal representative who will represent your estate after your death and carry out your wishes and name a guardian for any children who are minors at the time of your death. Note that you have to consult with your lawyer to prepare a will. You will need a lawyer to...
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If you are one of those people who have made great efforts in order to manage your money throughout your life, you will likely want to decide what happens to your assets when you die. You will need to get started on your estate planning. Here are some simple ways to manage your estate and reduce costs: 1. Leave a will. As mentioned in a previous blogs on estate planning, having a will is one of the many ways to get started on your estate planning. If you die without one, your estate gets settled according to the laws of your...
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As mentioned in previous blogs, having a will is one way to get started on estate planning. So what is a will? A will is a legal document that says how you want your estate to be divided once you die. Your estate will include your assets and your liabilities. Why is it important to have a will? A will is not a legally required document. But if you don’t have a will, the laws in your province or territory will determine how your estate will be divided. And as mentioned on last week’s blog, the big problem with this is...
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How do you get started with Estate Planning? First off, getting started with your estate planning involves a lot of details and can be quite difficult so ensure that you seek assistance from a trusted financial advisor. To start the process, you will need to review two things: - Your assets and liabilities – you will need to take an inventory of your assets and liabilities so you have a clear picture of what is in your estate. Remember to work with your financial advisor to know what the after-tax value of your estate may be. - Your family’s needs to...
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