Excerpts from the Book – Preserving Wealth – written by Jack Lumsden, MBA, CFP®
Although the past pandemic seems to be under control, it has resulted in long term changes in the way people think about and look at their estate and income planning.
It led individuals to consider the plans more thoughtfully they have in place or plans they would like to implement. Legal professionals throughout Canada have noticed an increased interest in estate planning.
My recently released book, Preserving Wealth: The Next Generation, discusses in detail how to develop an effective estate plan and can help with your planning process by utilizing a narrative that takes place with a family over a summer at the family cottage.
In the following excerpt from the book, the weekly topic was Wills with Uncle Wayne, who leads the conversations. David and Alice were discussing that they didn’t have a Will, as they didn’t like to talk about this type of thing. Uncle Wayne offered them the following comments about this.
Uncle Wayne said, “But you’ve got to talk about it, and you’ve got to have wills drawn up. Each province is different, but in Ontario, here’s what will happen if someone dies without a will and they have children. If someone has one child, the first $200,000 goes to the spouse, and the balance is split equally between the spouse and child. If you have more than one child, such as you do, Alice would be entitled to the first $200,000 of your estate plus the next one-third of your estate. The rest would be divided between your two children. If the children are under the age eighteen, the Children’s Law Office would get involved.”
This is not what David and Alice wanted to happen!!
Get a FREE copy of the Preserving Wealth: The Next Generation visit HERE
If you need help or have any questions about your estate plan, please contact us.
Jack Lumsden, MBA CFP® Financial Advisor, Assante Financial Management Ltd. 905.332.5503 jlumsden@assante.com
This material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources however no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please make sure to see me for individual financial advice based on your personal circumstances. The information provided is for illustrative purposes only. Commissions, trailing commissions, management fees and expenses, may all be associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated. Please read the Fund Facts and consult your Assante Advisor before investing.
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