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Estate planning involves many different considerations. Two of the biggest ones are what to do while you are alive and cannot make decisions, and who will look after your affairs after you have passed. For the first consideration, many people choose to appoint a power of attorney. This designation is someone who acts on your…
If a loved one passes away without a will, his or her estate will be distributed along legislative guidelines. This means that the will be distributed in accordance with a set of rules as which surviving family members gets which parts of the estate. Unfortunately, however surviving family members may have believed a loved one…
The marriage and divorce of two people can have a large impact on your estate planning documents. Generally, its best advised to re-evaluate your testamentary documents such as wills, powers of attorney and insurance policies each time you pass a major life milestone, such as getting married, buying property, having children, or filing for divorce.…
Many people may not be aware of what happens to their assets if they pass away without a spouse or children. Whether you are married or not, or have children or not, a will is an important tool for you to bequeath your possessions according to your preferences. Generally speaking, those that pass away without…
When you pass away without a will, your possessions and wealth are divided along legislative guidelines. These guidelines are fairly generic – which can be problematic since no two families are alike. In situations when there are blended families, special circumstances, special needs or allowances to be made – it may be hard for surviving…
Having a valid will at the time of someone’s death can help reduce the stress of sorting through someone’s estates. A valid will allows beneficiaries to receive assets as the recently passed intended. It also allows the surviving family to avoid intestacy laws, which means dividing assets per legislation. Another, often overlooked, part estate planning…
An estate plan is more than just a will. It allows you to distribute your possessions, as well as protect your wealth, well-being, and provisions for dependents. If you do not have a will, your assets will be distributed per provincial legislation, not according to your specific wishes. In an article posted by CIBC, only “30%…
Spring is here, and so is wedding season. While weddings are an exciting time – the promise of a new life, watching friends and family embark on new adventures – it is also a time of many changes. As couples start looking at buying properties, growing families and expanding their financial portfolios, you may want…
Losing a loved one is never easy. People can experience grief, sadness and sometimes anger over any issues that might have been left unresolved. Adding the complicated legal process of settling a person’s estate on top of all of this can make the situation that much more difficult. This can be especially true for children…
Generally speaking, people start considering estate planning later in life. While it’s never too late to write a will, getting started sooner rather than later can have significant benefits. Here are a few reasons that young people should start planning for the future now. Protect Your Assets You may not have your dream home, two…