The importance of taking stock.
Your will is important, and your estate requires thoughtful planning. The more time you dedicate to preparing, the easier it will be for your loved ones and executor. Give your loved ones peace of mind when they'll need it most.
Estate planning is the process of arranging what will happen to your assets at the time of your passing. The more time you dedicate to preparing, the easier it will be for your loved ones and executor. It's important to take the time to work with a legal professional to draft a will, to ensure your wishes are carried out.
Estate planning process
We'll guide you through the important things to consider when it comes to your estate plan, giving you peace of mind. Depending on the complexity of your estate, this could include:
- Taking stock of all your assets and debts
- Ensuring appropriate beneficiaries for registered products (e.g. RRSPs, TFSAs) and insurance policies
- Assisting to set goals for distribution
- Working to protect your assets from unnecessary taxation
There are many things you can do yourself, but your will shouldn't be one of them. To protect your estate, here are some important things to know.
- Your will needs to be valid and up-to-date
- Without a will, the government will distribute your estate in accordance with provincial law
Review your will regularly and update it when you experience any major life event.
Power of Attorney
A Power of Attorney is a legal document that gives one or more persons the authority to take care of your financial and legal matters for you.
Part of your estate planning can be assigning a Power of Attorney (POA). It ensures financial matters are handled quickly and efficiently if you should require assistance or become incapacitated.
Your advisor may recommend you speak to a legal professional about setting up a Power of Attorney and the risks and benefits involved.
For members who need additional assistance with estate planning, First Credit Union works with Concentra Trust. They administer a full suite of estate and trust solutions of all sizes and complexity, including the administration of:
- Powers of attorney
- Property guardianship
Concentra Trust ensures commitments and wishes are expertly and accurately fulfilled, with care and sensitivity to all parties.
Business wealth transfer
We can help as you plan the transfer of simple or complex business assets. It's important to:
- Know your options: Perhaps you want to sell your business or keep it in the family and find the best successor. Document your wishes and talk to those impacted.
- Ensure a smooth handover: Consider an exit strategy if you have partners and shareholders.
- Get the best price: In case of an untimely passing, you should always make your business as attractive as possible to potential buyers: keep your books in order and document systems and processes.
- Be prepared for anything: Give us a call to help create a succession plan.
We guide you through the process to provide peace of mind.
It can be overwhelming to inherit a financial gift. Using your goals as a guide, we’ll help you decide how best to proceed.