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What is estate planning?
Estate planning ensures an individual’s:
- Personal property is managed effectively during their lifetime
- Wishes are carried out after their death
- Taxes are minimized on death
Estate planning tools include: wills, estate freezes, trusts, gifts given while you are alive, and life insurance.
Who needs estate planning?
Every person who needs or wants to
- Preserve or increase an estate
- Conserve assets
- Distribute their assets in an orderly way
- As income for themselves or others during their lifetime
- To spouse, children and descendants after their death
Important questions to ask
- Do you have wealth built-up in capital assets?
- Do you want to leave your full estate to heirs or a favourite charity?
- Are you worried about leaving your family with a large tax burden?
- Do you want to provide funding for final expenses, outstanding debts, legal fees and taxes?