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Estate Planning
What is Estate Planning?
Estate planning forms a critical part of your overall financial plan. Especially if you have accumulated substantial net worth and wish to distribute it to your loved ones.
It’s no surprise that so many people go without an estate plan or will; no one wants to think about their own mortality.
Estate planning is the process of organizing your assets and deciding how you want your property, savings and other valuables to be distributed upon your death. Beyond the transfer of property, estate planning may consider other personal matters, such as tax planning, charitable giving, life insurance and trusts for family members.
Estate planning can take several forms, but the most common document used is a will. Your estate plan may include the input of several professionals, including insurance agents, lawyers, and accountants.
Why is estate planning so important? It’s the only way to ensure your wishes are carried out. If you don’t have a will or other estate planning document in place, you have died “intestate”, and your assets will be distributed according to your province’s laws instead of being distributed as you intended.
Retirement Planning
Baby boomers have redefined retirement. What does it mean to you? Remember that you can be young without money, but you can’t be old without money.
Where will you live? What will you do? What activities will you participate in? Will you have the income? Where will it come from? Do you want it guaranteed? What should you be doing now to ensure your success? Will you be alright? Will your family be alright?
According to an Angus Reid study, only about half of Canadians have an estate plan or will and many wills are out of date. Action plan # 1. Get your finances together. Call your local Muskoka certified financial planner, Roch Beaulieu CFP EPC, 905 775 1102 .
You need not wait until later life when there are elements you can start on now.
Estate planning can be tied in with life events such as building assets in your own name, getting married, having children, buying property in Canada or abroad, losing a loved one or getting divorced. These can all add different considerations and complexity to your estate.
You will also need to revisit, add to and update your plan accordingly with each new life event as they occur.
Investment Planning
Now is the right time to jump-start the engine to your success! Keep in mind that a sound and effective investment strategy does not have to be complicated. For your benefit, we use a simple, straightforward, and conservative investment strategy.
Ways to Have a Great Financial Portfolio:
- Own quality investments
- Invest regularly
- Invest for the long term
- Use professional management
- Be clear on your objectives
- Pay attention to taxes
- Once your plan is in place, it should only need minor adjustments from time to time.
Decisions on your accounts are made every day. Most days, however, the best move you can make is to do nothing.
We know that Canadians are bombarded with advice and tips from financial commentators, newspaper articles, and other product recommendations daily. Because of this situation, we regularly remind our clients not to let our patience and discipline be viewed as inaction on our part. We are always actively executing the strategy for your success.