Estate Planning Protects Your Legacy
Many of us find it uncomfortable to talk about death and wills. Although the subject can seem intimidating and sometimes confusing, it doesn’t have to be.
An important part of the estate plan is arranging the best possible way for your assets to pass to your loved ones, says Mike Beishuizen, lawyer, Westcoast Wills & Estates Law Corporation.
A proper estate plan ensures that your assets pass to your successors with the least amount of cost, dispute and confusion. Estate planning, which is the process of organizing one’s financial affairs before death, is key for everyone, regardless of their income. Without planning, there could be a long-lasting impact on loved ones, even if a person doesn’t own an expensive home or a large investment portfolio.
Professional advisors help clients figure out the amount of taxes their estate must pay when they pass away; ensure their estate is distributed as per their wishes; and minimize the confusion of dealing with financial matters after a death. The best way to protect assets and loved ones is for people to discuss their plans with a professional; one who can guide them and provide them with the best advice. An estate and wills lawyer can help reduce the overall tax liability on someone’s estate and their beneficiaries.
If you don’t have a will, you probably don’t have an estate plan either, explains Beishuizen. A Will is just one component of a proper estate plan. In effect, estate planning is the puzzle and the will is just one piece.