Saint John, New Brunswick and Surrounding areas.
Make sure you plan and discuss with your family or professional
advisors how you want your estate to be distributed; don't
keep everybody in the dark until the end.
Draw up a will. Dying "Intestate" (without
increases costs, takes away control of your family's assets
and adds stress for your family.
Keep all your valuable papers together such as insurance
policies, wills, bonds, investment records, birth certificates,
marriage certificates and social insurance numbers. Be
sure your family knows where they are; don't leave a game
of "hide & seek".
Call us for a free booklet
to help keep your estate organized.
Review your life insurance and keep your program up to
date. It is the most cost effective way to create the
cash to pay bills and provide income. We can help.
If you have insurance, consider a named beneficiary if
it is appropriate. If you name your estate it could slow
down receipt of monies to pay bills and provide income.
Having the proceeds paid to the estate increases executor's
fees and gives one more opportunity for the proceeds to
go to the wrong people.
Explore leaving property and investments as "Joint
with rights of survivorship" so ownership can be
changed with the least cost, "red tape" and
Name a beneficiary in your RRSP or RRIF or put an RRSP-RRIF
clause in your will. This eliminates the possibility of
the biggest tax bill possible. The total value of your
RRSP/RRIF could be added to income and taxed at probably
the highest rate and therefore reduce income to survivors.
A "spousal beneficiary" defers the tax.
Keep some of the assets "liquid" so that there
is cash to pay bills upon death. If not, this takes away
the flexibility to preserve the value of the estate and
to avoid a forced sale of assets.
Suggest to your potential survivors that they seek advice
and do postmortem tax planning. If you've done a good
job of crating your estate, your family will need competent
advisors to help manage the assets.
Annually, fill out a Net Worth Statement showing a detailed
list of what your assets are, where they are and their
current value. Do an Income Statement showing all current
income sources, but also a list of the type of income
and amounts which continue after death.