Avoid the Family Feud with Estate Planning.
Estate Planning was developed to help you make your final wishes known and only an expert can help you do it correctly.
With high divorce rates, it makes sense to sit down and discuss what will happen to your house when you die. If you owned your home for many years and then your new spouse came on title with you, would you want them to exclude your children from inheriting the house when you die? It could and has happened!
It’s tough questions like this that make you sit up and think about a sound plan that reflects exactly how you want to manage your affairs, especially if you have children from a first marriage.
A lawyer can help you draft a will, they might also be able to offer some advice, but a Financial Planner is the best person to turn to. There will be money from the estate and that should be dealt with especially if the house is sold. Other assets of the estate must also be divided. Having a sound plan in place is bound to avoid problems later.
Many people think doing a will from a kit is a way to save, but I can tell you that it’s penny-wise pound-foolish. Wills are a legal document for a reason and they aren’t a do-it-yourself-project. There a lot at stake now a days with the high value homes, other Real Estate assets such as cottages, and investments such as RRSPs and Mutual Funds.
Recently I lost a sibling and it really made my husband and I take a close look at how we want to manage our assets when we die. Especially since we both have children from previous marriages.
For sound financial planning advice there’s no substitute for a Professional. Investors Group is a business partner of our firm and we are proud to provide a link to Rick Kosteczko’s profile.