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...