Federal economic update: seniors out of the picture
The federal government’s economic update includes no measures to support seniors, ...
No one likes to think about their death or the heavy burden that will eventually fall on their loved ones.
Yet, it’s important to plan for it now. Don’t put off this crucial task: these decisions don’t get any easier in 5, 10 or 20 years.
Your will should clearly state who your heirs are, regardless of the value of your assets. It allows you to ensure the financial security of your spouse or your children and to avoid discord within the family.
Are you in a common-law relationship? It’s essential to make a will to avoid an allocation imposed by law.
Do you have a blended family? A will is twice as important to ensure that all your heirs are properly taken into consideration.
Estate planning is not just for people with valuable property. You might think that a will is unnecessary because you only have a house or some savings for your retirement. Think again! You have to plan the transfer of your assets upon your death, whatever they may be.
Name an executor you trust, inform that person of your decision and ensure that they accept the responsibility.
Don’t underestimate the work this responsibility requires and do what you can to make it more manageable:
Because the role of executor is complex, your will should include an amount of money earmarked for the person you have appointed.
Upon your death, your assets will be considered sold and the applicable tax will be payable. This can leave your loved ones with major financial concerns and headaches.
Take out life insurance:
Discuss your estate with your family. While nobody will enjoy talking about it, everyone will be happy to know that you have left nothing to chance.
When the fateful day arrives, your heirs may feel overwhelmed and the legal obligations will weigh heavily on their shoulders. Your foresight will help ease things!
What happens if you are no longer able to manage your assets and finances due to an illness or accident?
This is where a protection mandate comes in handy. This document will appoint a loved one to look after you and your finances if you are no longer able to do so.
Don’t hesitate to talk to an financial security advisor. This person can walk you through the process and help minimize the tax impact at the time of your death.
*Beneva designates Beneva Inc., Financial Services Firm.