Estate planning is a very broad topic which means different things to different people.

What is estate planning?
Estate planning is the process of positioning your assets so that they will retain as much value as possible and will go where you want them to after you pass away. Estate planning is more than just writing a will and/or a Power of Attorney. It is the use of many strategies that will protect the value of your assets, while you are alive as well as after you pass away.

Why develop an estate plan?
Many people, organizations, and governments have an interest in your estate. Who ends up with your estate depends highly upon your estate plan. You may want your spouse and your children to receive the benefits of your estate, but poor planning may enable the government and creditors to greatly reduce the amount you leave to your heirs. The three major areas of concern are described as follows:

1. Wills: The essential document for achieving your estate planning goals is a will. While it is not mandatory that your will be drawn up by a lawyer or a notary public, it is normally a prudent idea if one's estate is complex. A will can avoid those hasty decisions and misunderstandings which lead to permanent family strife after your death, if there is doubt about your exact intentions. When you have been meticulous and decisive in building up assets during your lifetime, it seems tragic to allow the provincial government to determine how these assets will be partitioned amongst your family.
2. Tax reduction: Taxes are the main avenue through which governments can claim a large portion of your estate. Proper planning, even starting early in your life, will enable you to make arrangements so that your assets can be passed on to your heirs with minimum erosion to taxes. Tax reduction can take many forms, from RRSP planning and estate freezes, to income splitting, and life insurance strategies.
3. Asset protection: Asset protection is the last major endeavour of estate planning. Sometimes your own success can set you up to be a victim of other people who want a piece of that success. Disgruntled employees, business partners, and even ex-spouses can sometimes start actions against you, which may leave your assets somewhat depleted. Appropriate asset protection strategies should be implemented so as to limit any potential losses.

Take a few minutes to print out and complete our Estate Planning Questionnaire.
If you scored 35 or higher then you may need to book your appointment with Gerry Dreger or Robert Fournier at East Kootenay Community Financial Services Ltd.