Find out the best estate planning tips for families with an estate lawyer, including information on wills, trusts and taxes.
Estate planning is an important part of any family’s financial planning. It involves the organising, protecting and distributing assets such as property, investments, and other financial assets. Estate planning includes making a will, setting up trusts, and dealing with taxes.
Families must consult an experienced estate lawyer to ensure that their wishes and desires are followed properly.
Estate lawyer for families – Essential tips
Here are some estate planning tips for families with an estate lawyer in Calgary.
1. Make a Will
Having a will is a critical element of estate planning. A will allows you to specify how your assets should be distributed, appoint an executor, and provide instructions for the care of your children. A will also allows you to name a guardian for your children in the event of your death. Working with an estate lawyer will ensure that your will is legally binding and provides peace of mind.
2. Consider Setting Up a Trust
A trust is a legal arrangement that allows you to manage how your assets are distributed. It is a great way to provide for your children and other beneficiaries during your death. An estate lawyer can help you set up a trust that meets your needs and allows your assets to be distributed according to your wishes.
3. Update Your Beneficiaries
It’s important to keep your life insurance, pensions, and investments up-to-date with your beneficiaries. Even if you have a will, these assets bypass the will and go directly to the listed beneficiaries. Make sure your estate lawyer is aware of any changes so that your assets are distributed according to your wishes.
4. Have an Estate Plan in Place
Estate planning can feel overwhelming, but it is important to have an estate plan in place. It will ensure that your legacy is honoured and that your family is taken care of. An estate lawyer can help you create a comprehensive estate plan that meets your needs.
5. Understand Tax Implications
When it comes to estate planning, it is important to understand how taxes will affect your estate. An estate lawyer can help you figure out what the tax consequences are and give you ways to lower your tax bill.
6. Plan for Incapacity
It is important to plan if you are incapacitated due to illness or injury. An estate lawyer can help you make an advanced care directive and a power of attorney to ensure your wishes are carried out if you need help to make your own decisions.
7. Review Your Plan Regularly
Your estate plan should be reviewed regularly to ensure that it is updated. Life events such as marriage, divorce, or the birth of a child can have a major impact on your estate plan. An estate lawyer can help you review your plan and make any necessary changes.
Estate planning is an important part of any family’s financial planning. It involves organizing, protecting, and distributing property, investments, and other financial assets. Working with an experienced estate lawyer in Calgary is the best way to ensure that your wishes and desires are properly followed and that your family is taken care of.
If you are looking for an experienced estate lawyer in Calgary, contact us today to discuss your estate planning needs and ensure that your legacy is honoured.