Posts Tagged ‘Estate Planning’
5 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 MoreEstate Planning For Blended Families
My husband’s mother and step-father were each in their third marriage when I met them. My mother- in-law had two children from her second marriage (my husband and his brother), and my father-in-law had two children from each of his first two marriages. When my father-in-law passed away, his estate avoided probate because his assets…
Read MoreFrom The Boomer & Echo Mailbag: Designating A RRIF Beneficiary
Q. I will soon be converting my RRSP into a RRIF. Currently the beneficiary is my estate. I was told I could save money if I named my children as equal beneficiaries. What are the tax implications of doing this? When there is no “qualified” beneficiary – i.e. spouse or dependent child or grandchild –…
Read MoreDIY Wills – Are They Ever A Good Idea?
56% of Canadians don’t have a signed will. What makes people avoid this necessary estate-planning document? Is it the cost? Law firms typically charge $500 to $1000 for a basic will. Or, they just don’t have the time to get around to it. You have to find a lawyer, make an appointment during their business…
Read MoreWe Who Are About To Die, Etc
Someday, you’re going to die. Thankfully, it probably won’t be at the hands of some enormous gladiator with a mace and a pet lion, but no matter how you go, take a minute right now to imagine what will happen next if you leave a spouse behind. If you’re a confident DIY investor, with a…
Read MoreLeave A Legacy Before The Will Is Read
If you are fortunate enough to have earned – or inherited – more than you need to live out your definition of the “good life,” you’ll have the opportunity to decide where and how to direct the funds left unspent. It is common to leave an inheritance to family members with perhaps a portion going…
Read MoreTalking To Your Elderly Parents About Money
In most jurisdictions in Canada (Alberta and British Columbia are exceptions), adult children are legally liable for caring for their parents. Generally, adult children are liable to pay parental support if their parent supported them financially when they were minors. The support provided by the parent (or step-parent) during childhood does not have to have…
Read MoreAre You Counting On An Inheritance?
A recent Globe and Mail article suggested that receiving an inheritance may be a thing of the past and estate planning will be only used by high net worth people. Early reports stated that Canada’s baby boomers are on the threshold of an enormous wealth transfer from their parents – supposedly the wealthiest generation that…
Read MoreJoint Accounts: Understanding The Risks
There are two ways that a joint account can be held: joint with right of survivorship and tenants in common. You need to understand the risks.
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