While we spend much of our time working to care for our families, we often overlook the work we can do to protect those we care about when we have passed on. Estate planning is a logical way to plan and prepare for something that is illogical and unpredictable in its very nature. Our own mortality may not be easy to confront when thinking about assets and finances, but leaving your loved ones with peace of mind and financial stability is a good way to handle the challenging task of estate planning.
NO WILL, NO WAY
Did you know that if you pass away without a valid will in Canada, your estate is completely in control of the provincial government? Without an estate plan, all distribution of your wealth and any important financial decisions will be left to officials that are paid to obey the law not honour your family’s wishes. And while there is no “death tax” in Canada, any money made from the sale of property due to your estate settlement will be subject to taxation as well. Own a business? An estate plan is the only way to ensure it is handed down to the person of your choosing. Heirloom antiques? Government executors may have to sell these items if not explicitly protected in a will and estate plan.
WE CAN HELP
Does this already sound too complicated? Considering the reason we need estate plans, it is not uncommon to be overwhelmed. While grim to imagine, a good estate plan can assure your family’s financial comfort and emotional well-being for generations after your passing. For explanations of these issues and any other financial concerns involved with estate planning, contact Liu & Associates. We can offer advice and many services to ease the burden of securing your family’s future.