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...
Wills And Estates
Managing digital assets in estate planning
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...
Common estate planning pitfalls for blended families
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...
Succession planning steps for family businesses
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...
What are the main 3 documents in an estate plan?
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...
Why estate planning conversations with family are important
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...
How to leave assets to grandchildren in an estate
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...
Can you inherit your parents’ debt?
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...
Using your estate plan for your own protection
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...
What do many people misinterpret about estate planning?
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...