Estate Planning
Proper estate planning should, at a minimum include: a Will, a Power of Attorney for Property, and a Power of Attorney for Personal Care. But good estate planning doesn’t end there.
Designating Beneficiaries in Insurance, Pensions and the like
I cannot over emphasize how important it is to ensure that you keep your beneficiary designations in such things as insurance, pensions, RRSPs, TFSA and any other similar plans complimentary to your overall estate planning. It is crucial to pay attention to and keep up to date these designations because in the absence of compelling evidence to the contrary the Courts will uphold these designations. That is to say they may survive separation, divorce, and even separation agreements renouncing rights to take as designated, if the designation has not itself been amended by the time of the planholder's death.
Make Your Estate The Beneficiary
Of course, sometimes it’s not possible to designate the preferred beneficiary. In that case, make your estate the beneficiary. Your estate may pay more in taxes but your Will can insure the monies go to the right person.
Need Help with your Estate Planning?
If you need help with your estate planning contact myself or any Wills and Estates Lawyer. My goal is to deliver personalized high quality Wills and Estate Planning services in a direct, approachable and cost effective way. I implement the efficient use of technology to reduce or eliminate bottom line costs to my clients.
For more information visit my website at www.hunt-law.ca
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