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Learn why estate planning is for everyone

Young couple examining an estate plan created by Sandi Persoon, an Advice Only financial planner who helps clients young and old create plans that allow then to achieve their life goals.Don't make the all too common mistake of assuming that estate planning is only for the rich and wealthy.  That is just one of many common misconceptions about the role and value of estate planning.

Edmonton financial planner Sandi Persoon says effective estate planning benefits everyone in three important ways:

  • reducing the taxes and expenses of an estate
  • simplifying the transfer of assets
  • helping ensure that beneficiaries are protected.

Learn more by reading about the four other common myths and misconceptions about estate planning and the role played by estate planners.

I'm too young for estate planning - It is an unfortunate fact that some people die early in life -- and without an estate plan, which can lead to protracted legal disputes over how the assets are distributed.   "I tell clients to take a "better sooner than later" approach," Sandi says.  "Having a plan becomes more important when you get married and it is even more important when you have children."

If I pass away without a will, the government will get all of my assets.  If you die without a will, the Government is not first in line to get your assets.  Under the intestate law of the province, any surviving relatives, even distant relatives and relatives through a second marriage, come first.

If I become incapacitated, my executor will be able to handle my financial affairs.  An executor is empowered to act after you die.  You should appoint someone to make decisions for you when you are incapacitated.   This person can make decision about your finances and your health care or you can appoint different people to handle those responsibilities.

A Will only needs to be done once.   You should update your Will regularly to reflect the impact of changes in your life and other variables, such as changes in tax laws, which could have a big impact on your estate and therefore change how you want it handled.   Most estate planners recommend that Wills are updated every two or three years.    At the very least, you should get a refresh of your Will every five years.

Estate Planning is unpleasant.  Going through the estate planning process is not something you should dread.  Instead, look at it as a process that will give you great satisfaction and the peace of mind that comes with knowing:

  • everyone you care about will know your wishes
  • there will be no room for confusion and anger because your intentions will be known with full clarity and there will be no grounds to challenge your Will in Court, an all-too-common occurrence when Wills are not drafted with the help of an experienced Estate Planner

For more information, please contact us online or call: 780-467-6647

Edmonton advice only financial and estate planner

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