Estate Planning
What Is Probate, How To Avoid Probate Fees, and Should You Even Try?
Some Canadians will go to great lengths to avoid probate fees and to reduce taxes applied to their estate. Indeed, estate planning strategies such as adding an adult child to the title of primary residence or a cottage, or as a joint owner of a non-registered account, can unknowingly expose you or your child to…
Read More4 Famous Wills in History (and What They Can Teach Canadians About Estate Planning)
If COVID-19 has taught us anything, it’s that we need to be prepared for the unexpected. Emergency planning has never been more top of mind for Canadians, and yet Willful research shows 57% of Canadians don’t have a will. End-of-life planning typically isn’t at the top of our to-do lists because it can be complex,…
Read MoreEirene Cremations: Shining a Light on the Cost of Dying
Some industries are known for their lack of transparency – placing consumers at an incredible disadvantage. The cost of financial advice, a new vehicle, or a cell phone plan (to name a few) can vary widely and it’s not always clear if consumers are getting a fair deal. Technology has helped balance the scales, offering…
Read More5 Ways To Prepare Your Executor Before You Die
We know how important it is to have an estate plan, including a will, but it’s also a good idea to have a thorough letter of guidance to your executor(s) regarding how they should go about finding your assets and dealing with them. Where do you do your day-to-day banking? What property do you hold?…
Read MoreSo You’ve Been Asked To Be An Executor
At some point you may be approached by a family member or friend to act as the executor of their estate. Do you know what to do? Some people consider it an honour and personally gratifying to take responsibility for ensuring that their loved one’s final wishes are carried out. But serving as an executor…
Read MoreWillful Review: Online Wills For $99
This is a review of Willful Wills, a digital platform where clients can create a will online for as little as $99. (Boomer & Echo readers will receive 10% off any Willful plan purchase by entering the promo code: Boomer.) Technology disrupts many industries by driving down costs and increasing accessibility. Just like how Netflix…
Read MoreWaiting For An Inheritance
Have you noticed that your senior parents may be reluctant to discuss estate planning with their children? Obviously, there’s the discomfort of talking about death, but there’s also that long-time reluctance about discussing financial issues. This lack of conversation between the generations may be contributing to poor retirement and estate planning. Needing to fund retirement…
Read More4 End Of Life Strategies Your Survivors Will Thank You For
I have been an executor three times now. Twice the process was fairly easy and straightforward. The wills were clear as to intentions and documents were easy to find. The other one – well let’s just say if I never have to deal with that kind of administration hell again, not to mention the disgruntled…
Read MoreThe Importance Of A Power Of Attorney
My mother was in excruciating pain when I took her to the hospital. The nurse came in with some forms and asked if she wanted to sign a DNR – do not resuscitate – if her heart stopped. Apparently this is standard procedure because of her age. Moaning, my mom said, “Just let me die.” I…
Read MoreEstate Planning Options For Your TFSA
Tax Free Savings Accounts have become a popular saving and investment vehicle for many Canadians. They have also potentially become a significant portion of retirement savings. When TFSAs were first introduced I thought they were pretty straightforward. However, we still get lots of questions, and Gordon Pape wrote an entire book about them (The Ultimate…
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