from Karen Mason, CFP, CLU, CHS, Mason Financial in Sooke
A Survivor’s Guide to Settling Your Estate
Your partner or loved ones will face many decisions upon your death. This free booklet will help your executor and family members with advice on whom to contact along with information regarding your personal records so that everything they need to settle your estate is in one convenient location. It contains fillable form fields so that you can type in all of your details, save and send to your executor and/or people who will require this information.
You’ll find it easy to update once a year. Keep this records organizer in a secure safe place with your other important papers.
About Estate Planning
The main objective of ESTATE PLANNING is to ensure that your personal property, your estate, whatever its size – is managed effectively during your lifetime, and that your wishes will be carried out effectively after passing away. This includes the orderly distribution of assets upon death and minimization of taxes.
Estate planning is not just needed by high-income earners. Every parent, spouse, business or professional person should have an estate plan, as should every grandparent and great-grandparent. Generally speaking, an estate plan is necessary for every person who needs/wants to create an estate, conserve assets or set out plans for the distribution of their assets as income to themselves during their lifetime, or to their spouse, children and descendants after their death.
An estate plan can help with:
- Preserving wealth by taking advantage of tax savings opportunities
- Providing and preserving savings for retirement
- Providing adequate support for dependants, conserving assets, ensuring equity in estate distribution.
Broadly defined, an estate plan addresses the need for protection, control and reasonable tax treatment.