What are the top 26 Estate Planning tips to consider?

What are the top 26 Estate Planning tips to consider?

Estate planning helps ensure a stress-free transition of your assets to the next generation or intended beneficiaries. Excerpts from the Book - Preserving Wealth - written by Jack Lumsden, MBA, CFP® The following are the top 26 estate planning tips from Preserving Wealth: The Next Generation. Have up-to-date wills.Have up-to-date powers of attorney for both property and personal care.Review your powers of attorney and will every few years.Review your executor(s) every few years.Determine if trusts may be of benefit to your family.Consider a staged inheritance if you have young children.Review your life insurance beneficiary designations on all your policies.Review your beneficiary designations on all registered plans, such as group savings plans, RRSPs, TFSA and RRIFs, etc.For RESPs, make them joint with your spouse, and name a successor subscriber in your will.Consolidate your investments with one financial advisor.Make sure you have enough life insurance to: protect your family, and if desired, create a family legacy, fund your favourite charity, and/or pay for estate costs. Use term insurance...
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The Estate Documents Conversation

The Estate Documents Conversation

Excerpts from the Book - Preserving Wealth - written by Jack Lumsden, MBA, CFP® The current COVID -19 Pandemic has made more people review their estate plans and make sure they have what is required. A critical part of this review is to include an Estate Documents Conversation with their family.  The point is, why create a plan if no one knows about it? What is an Estate Documents Conversation? The estate documents conversation is a conversation you should have with your parents, children, executors, and powers of attorney to review and discuss the following key issues: With your parents: Find out who their powers of attorney and executors are.Obtain copies of their wills and powers of attorney (or the location of the documents).Meet your parents’ financial advisor(s).Obtain the listing of the location of their financial assets and the contacts for their bank, accountant, and lawyer.Have a frank discussion on what they would want to happen if they were unable to make financial decisions for themselves.Have...
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