A “living will” is designed for those who are concerned with the quality of life when death is near. It is a written statement of your wishes to the people who are most likely to have control over your care, such as your family and your doctor. In order to ensure that your wishes are […]
Estate planning refers to the process required to transfer and preserve your wealth in an orderly and effective manner, and a properly drafted will is the foundation of a strategic estate plan. From a tax perspective, your estate planning objectives include: minimizing and deferring tax on your estate minimizing taxes on your death so that […]
You have probably heard of the concept of trusts. Sometimes they are referred to as family trusts, private trusts or corporate trusts. You have probably also heard of offshore trusts or international trusts. Generally there is a mystique about trusts, and a lot of unnecessary confusion about what they are, and when they should be […]
Assets of your estate that are passed on through your will and go through the probate process are subject to probate fees. Some provinces have a ceiling, and some don’t, so check with a lawyer or trust company in your community as to the current status in your province. When an executor asks the court […]
Over the course of your life you will sign many documents, but your will is one of the most important document you will ever sign. With very few exceptions, everybody should have a will. It is the only legal document that can ensure that your assets will be distributed to the beneficiaries of your choice, […]
Have you reviewed who you want to have as the executor of your estate on your death–in other words, who makes sure that your wishes in your will are fully met? This choice could be one of the most important decisions you make. Many people prefer to name a trust company as the executor of […]
1. Not Updating your Will. Many people do up a will and forget about updating it. So much can change in terms of your circumstances, assets, beneficiaries and wishes that you need to review your will on an annual basis at a set time, eg. your birthday, the first of the new year or some […]
