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Estate Planning

 

Organizing your estate 

You have worked diligently to amass your wealth, whether it's property or your savings and investment portfolio. Estate planning will ensure that financial matters are resolved quickly and expediently while protecting the holdings and value from unnecessary probate and taxation.

 

The importance of a will 

The most important part of estate planning is ensuring that you have a valid, up-to-date will. If you die without a will, the government will distribute your estate according to provincial law. The best and safest way to create a will is to hire a lawyer who is familiar with estate and family law for the province where you reside. There are many "do-it-yourself" will packages, but these can leave details open to legal interpretation. The cost of getting a proper will done is minor in comparison to the expenses that can be incurred when assets are not adequately protected. Your will is not a one-time document; it should be revisited every three to five years and at major life events such as marriage, separation, divorce, and the birth of a child to determine if it is still in keeping with your wishes. 

 

How to distribute your estate 

Distributing your estate is more complicated than simply dividing things among your heirs. You will need to determine all of your assets from pensions, to investments, stocks and bonds, real estate and personal property. You will also need to note which assets you own jointly as well as who the beneficiaries are for your registered products and insurance policies. Once this is done, decide on your goals. You will want to maximize the value of your assets and protect them as much as possible from taxation. You will also want to make sure you have enough liquid assets to handle your liabilities, so your heirs won't have to sell off physical or investment assets. Gifting assets before your death and establishing trusts are two excellent ways to help protect your assets from taxation. However, keep in mind that both strategies can be complicated by the individual tax circumstances of your survivors.  

 

Need more advice?

 

Unexpected events

An unexpected event like an accident or illness doesn’t have to be financially devastating.

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Investments

Invest with peace of mind. Eligible deposits (not in registered accounts) are insured up to $250,000 through the Financial Services Regulatory Authority (FSRA)

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Retirement

It's never too early or too late to start planning for your retirement, and RCU can help.

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