An estate plan outlines how you want your property and assets to be dealt with following your death. It’s a legally binding document that spells out your plan and how you wish for your entire estate to be distributed. In fact, it’s one of the most important documents that everyone should have, but not everyone […]
Many people confuse a living will with a last will and testament. What’s the difference and do you need both? Here we’ll dive into the differences between a living will and last will & testament, and help you determine your options to keep you informed. Living Will A living will is a legal document that […]
A codicil is a document that’s used to update a will. It’s generally used when a person has already created an existing will but wishes to make small changes to reflect financial circumstances or lifestyle changes that could impact the estate. This document lets them make alterations without having to create an entirely new will. […]
When you create your will, one of the most important things you need to do is choose your executor. This is an important role that comes with the responsibility of taking care of the probate process, estate inventory, payments and notifications, final tax returns, and distributing your assets. You need to choose someone who is […]
It’s every parent’s dream to be able to pass along their legacy and leave something substantial and meaningful behind for their family. However, if you don’t tread carefully when creating your inheritance plan, you could end up inadvertently causing resentment between siblings and altering the family dynamic. To ensure everyone is happy and that you’re […]
Do you know what happens to your estate after you pass away? After death, your executor is responsible for securing all your assets, paying your debts, and applying for probate. Although there isn’t an estate tax in Canada, there are other fees that exist to process and probate your will. And like all other debts, […]
Every parent dreams of passing on a significant legacy to their children. However, their wishes often don’t materialize due to poor estate planning. Misconstrued details can leave a family in disarray, resulting in conflicts among the family. It’s important to plan properly and anticipate any conflicts that your estate plan could cause between your spouse […]
Many people make an assumption that they don’t need estate planning, or they can’t benefit from it in a tangible way. Estate planning is something that can greatly benefit everyone, not just the rich and famous. Estate planning gives you the opportunity to essentially map out how you want your assets, among other important items, […]
Every Canadian should have a will. We understand how uncomfortable this discussion and process can be, but it’s crucial to take care of to gain peace of mind and to know that your family and your assets are well taken care of. A Will allows you to determine how you want your possessions and estate […]
An estate trustee is responsible for performing various duties to encourage the wellbeing of the estate in question, as well as its beneficiaries. Among those duties includes careful and thoughtful investment in order to bolster the strength of the estate. There are three main rules pertaining to this duty, and by following them diligently and […]
*The opinions expressed are those of the author and not necessarily those of Assante Financial Management Ltd.