On Behalf of Porter Ramsay LLP | May, 20, 2022 | Wills And Estates
While most people think about retirement planning when it comes to the overall financial planning process, planning for what happens past that point is sometimes forgotten or put off. However, taking some time to put together a robust estate plan can save next of kin time and stress, but also sometimes money in the form of taxes. Here are some of the key moves British Columbia estate planners can make to reduce the tax burden on beneficiaries: Prepare powers of attorney: Most people have two powers of attorney, one for health and one for finances. Naming these individuals and communicating... View Article
On Behalf of Porter Ramsay LLP | Feb, 08, 2022 | Wills And Estates
When they begin estate planning, many people have a traditional concept of what is involved: physical property, bank accounts and guardianship of dependents to name a few. However, a growing number of adults have valuable digital assets as well. When people think of digital assets, items like cryptocurrency or NFTs come to mind; however, anyone with a points account, an email address, cloud storage, or even social media could have a digital asset worth planning for. What is a digital asset? A digital asset is anything stored on digital hardware or online, such as in cloud storage or on a... View Article
On Behalf of Porter Ramsay LLP | Dec, 15, 2021 | Wills And Estates
Second marriages are not uncommon in British Columbia. Despite this, blended families are often not considered in typical estate planning advice. It is important that individuals who have stepchildren, children from multiple relationships or any other blended-family arrangement take special care to make plans that work for their family structure. Here are some of the most common mistakes when it comes to estate planning for blended families: Not updating beneficiaries: Beneficiaries are named on an individual’s will, as well as possibly listed on bank accounts. Both need to be updated following a divorce and remarriage to ensure assets are passed... View Article
On Behalf of Porter Ramsay LLP | Dec, 01, 2021 | Wills And Estates
Estate planning can be difficult for any individual or family, but those with family-owned businesses can have particular challenges. It is a good idea for people with such businesses to discuss succession early and often, and to continue thinking about these issues as the business grows. For those just starting succession planning, here are some of the first steps worth taking: Set goals It’s important to have some clarity for oneself before approaching other family members about succession planning. Is the end goal to pass the business onto the next generation, or to sell it? Does the owner want to... View Article
On Behalf of Porter Ramsay LLP | Nov, 14, 2021 | Wills And Estates
When documenting an estate plan, there are three key documents that one should draft. These are a will, a personal directive, and an enduring power of attorney. British Columbia planners will benefit a great deal from being familiar with all three documents going into the estate planning process. Will A will is the most well-known estate planning document, and for good reason. Of all documents, a will is the most important, as it should contain all relevant details of what should happen after one dies. This includes naming beneficiaries for assets and guardians for minor children. A will should also... View Article
On Behalf of Porter Ramsay LLP | Nov, 01, 2021 | Wills And Estates
End-of-life planning is an important legal and financial planning process. However, that does not mean it is easy. The topic of wills, estates, and other end-of-life issues can be very overwhelming and emotional, and some may be tempted to put off important conversations until it is too late. Here are some of the reasons why having end-of-life conversations is important for your family: Clarifying priorities and intentions: No one wants to be surprised or uncertain when they read a parent’s will, POA, or other documents. Knowing what someone’s wishes are is especially important for those named power of attorney, as... View Article
On Behalf of Porter Ramsay LLP | Oct, 15, 2021 | Wills And Estates
While many individuals choose to leave assets to their children in an estate plan, some also look to leave at least some wealth to the younger generation. Grandparents may have many reasons for leaving assets to their grandchildren. They may want to help out people who are younger in their families get a good start, or they may simply want to show their love to these additional family members. Here are some things to consider for those looking to leave assets to grandchildren: The grandchild’s age: Grandchildren over 18 years old are of age to directly receive their inheritance, and can be named directly on an insurance policy or will. For younger... View Article
On Behalf of Porter Ramsay LLP | Sep, 02, 2021 | Wills And Estates
When people think about estate planning, the conversation often centres around the fate of property and assets. But, what happens to someone’s debt when they pass away? The answer depends on the type of debt held, but the good news for beneficiaries is that they will not be responsible for debt personally unless their name is on the loan. Although this is a great reassurance, it is still important to make sure that an estate is organized in such a way that the impact of debt is a minimal as possible to beneficiaries. Here are some steps families can take... View Article
On Behalf of Porter Ramsay LLP | Aug, 25, 2021 | Wills And Estates
Having a will is a great first step in creating an estate plan. If you have drafted a will, you likely had your loved ones in mind. Your motivation may have included ensuring your family would fairly distribute your assets without the confusion of an intestate probate. However, do you realise there are other aspects of your estate plan that can go even further in bringing peace of mind and security to your loved ones while protecting your wishes and best interests? If your estate plan does not contain a health care directive and power of attorney designation, you may leave your family... View Article
On Behalf of Porter Ramsay LLP | Jun, 10, 2021 | Wills And Estates
Knowledge and understanding of estate planning can vary greatly from person to person. Upon learning more about what is involved in estate planning, many people may find that they held some misconceptions about the purpose and process. Here are a few of the things that adults most often get wrong about estate planning: Who needs an estate plan: Some people mistakenly think that estate planning is only for older individuals or those who are wealthy. While estate planning can certainly benefit these populations, younger people or those with less assets can also find estate planning a very useful practice. In... View Article
