Importance of Estate Planning

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Importance of Estate Planning

An Estate is the property that a person owns or has a legal interest in. The term is used to describe the assets and liabilities left by a person after death.

Estate Planning involves the transfer of one's assets when they die, as well as a variety of other personal matters. (e.g. property, money)

Why Estate Planning is important.

1. Designating heirs assures your assets go to the beneficiaries you choose.

2. Planning and Preparation of a Will sets out the person's wishes about how their Estate should be distributed after death. With a documented will, the Estate is distributed according to the directions in the will. The will protects families with young children ensuring they are taken care of in a manner that you approve of. It is important to name their guardians in the event that both parents die before the children turn 18. Without such a will, the courts will have to step in.

3. When a person dies without a valid will, Ontario's law on succession requires a specific distribution of the Estate.

4. Proper Estate Planning allows the most tax efficient transfer of the Estate assets to the chosen beneficiaries. Even with just a little bit of Estate Planning, couples can reduce a significant portion of their taxes, which can create huge savings.

Jack Lumsden, MBA, CFP® Senior Wealth Advisor, Assante Financial Management Ltd.

Who can help me to design a tax efficient Estate?

Managing your wealth can be complex and time-consuming. Jack Lumsden, MBA, CFP®, is a Financial Advisor with over 20 years of experience, and can simplify your life by addressing all aspects of your financial well-being from investments and insurance to tax and estate planning. Supported by a team of professionals including lawyers, tax accountants and financial analysts, I can help you make the right decisions about your wealth, and help you build the future you desire.

If you are looking for a financial solution that will simplify and enhance your life, please contact Jack Lumsden, MBA, CFP®

Jack Lumsden, MBA, CFP® Senior Wealth Advisor, Assante Financial Management Ltd.

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