Legacy and Estate Planning
Like most people you probably have definite goals both personal and financial for your Legacy. However, without a plan to focus your efforts you may find it difficult to achieve them. One area that you should examine closely is your estate, since there are many different components.
Simply put the goal of estate planning is to:
~ Maximize the value of your assets, including the preservation and protection of property during your lifetime.
~ Minimize and defer tax and other costs arising on death.
~ Allow for a clear orderly transition of your assets to your beneficiaries
~ Provide for your dependants which can include decreasing their taxes where possible
You will likely have other intentions as well, such as leaving a specific asset to a certain individual or making a donation to charity (which can also reduce your estate tax liability)
No matter what stage of life you are in currently, estate planning is important to review regularly as your needs and goals will change over time.
Hopefully some of these tools can assist you along the way.
BC Government After Death Checklist
Estate Guide