Protect Your Assets–Estate
You have no doubt worked your whole life to acquire assets. Whether you assets include such things as; a house, furniture, cottage, car, coin collection, business, or savings and investments it is important to give instructions as to what to do with your estate when you die or are incapacitated.
Estate planning is the process of organizing the transfer or disposing of your assets. A well thought out estate plan ensures that those left behind are cared for and that your possessions go to the people you want them to in the time frame you want them to receive them.
A will, according to the Financial Consumer Agency of Canada, is a legal document that says how you want your estate to be divided once you die. A power of attorney is also a legal document that gives a person the authority to manage your assets in event you cannot. This is commonly due to the fact that you are not dead but are in no mental condition to make decisions regarding how to manage your assets.
A personal directive, according to the Government of Alberta, is also a legal document that gives a person the authority to make health related decisions on your behalf in event you cannot. This is also mainly due to the fact that you are suffering from an illness or injury.
Life insurance is often used to offset the costs often associated with transferring assets. Generally these costs includes but not limited to paying; the final tax bill, estate transfer fees, and gifting to charities. Ensure your estate plan is updated on a regular basis and is well organized. Also ensure that family knows where to find your financial records and other estate documents.