Wealth and Estate Planning in Vancouver: You have planned well and worked hard to achieve your financial goals. Now you want to be sure your affairs are handled properly in the future. At this time in your life, estate planning should be an essential part of your overall planning. Preparing a Will and a comprehensive Wealth and Estate Plan are two of the most important things you can do to protect your family and your legacy.
The goals you have set in your life – goals such as educating your children, your family’s economic independence, continuity of family businesses or your charitable work – are all continued through your detailed Wealth and Estate Plan and supported through your Will. This plan sets out the vision for how you want your assets distributed after your death and ensures that your wishes for your family and estate are carried out.
On your request, we can provide our Will and Estate Planning Kit which contains worksheets that will assist you in organizing and compiling relevant information. We would be pleased to complete the Will and Estate Planning Kit with you or you may prefer to complete it on your own prior to our meeting.
It is important that you know what you own, but also how you own it. The form of ownership and designated beneficiaries will have influence on your Wealth and Estate Plan. This will include identifying assets you own jointly with your spouse or another person and who the designated beneficiaries are for your RSP, RIF, pensions and insurance policies.
When developing your plan, we must determine what you would like to accomplish. For example, an older couple who are retired with no dependants will have a different set of objectives than a younger couple with children. Each Wealth and Estate Plan is unique. It may be useful to make a list of what you would like to achieve and a separate list of issues and concerns you wish to avoid.
There are generally four methods of transferring assets (illustrated below) that should be considered when creating or refining your Wealth and Estate Plan. Your Will represents the most common means of transferring estate assets. It is important to plan your estate using a combination of methods to achieve the intended distribution of your wealth during your lifetime and on death.