What about RRSPs & RRIFs in my Estate Plan?
For many of us, one of biggest vehicles for savings for our retirement is RRSPs and possibly RRIFs. Often times, these investments form a big part of our estate. So, we want to make sure that these assets are considered appropriately when you’re estate planning. You must designate a beneficiary for your RRSP and RRIF. […]
What Happens When You Have no Will?
You may ask yourself: “what is the importance of a will? Do I really need one?” To answer your question – a will is very important and, yes, you, need one! If you don’t have a valid will when you pass away, it can cause a financial and emotional nightmare for your loved ones. Dying […]
WHAT IS ESTATE PLANNING? HOW DOES IT AFFECT YOU?
What is estate planning? Estate planning involves creating legal documents and processes that must be followed when you are incapacitated or die. Estate planning helps manage the distribution of your assets. For example, who should receive your house when you die? Who should inherit your car? Who should receive your jewellery? An estate plan helps […]
TOP 5 CATASTROPHES FROM NOT HAVING AN ESTATE PLAN
What is the first thing that comes to your mind when you think about “estate planning” and “wills”? A polite person would probably say something like “protecting your assets” and “making sure my wishes are outlined properly in a will”. If this is your first thought, then that’s awesome and you’re ahead of the curve! […]
6 Common Mistakes in Appointing a Guardian
If you’ve named guardians for your kids in your Will alone, you’ve likely made one or more of these 6 common mistakes: You may have named a couple to act as guardians for your children when you don’t really want both people in the couple to raise your kids. But, if you are like most people, you have […]
What To Do With Your Assets Abroad In Your Will
We commonly come across clients who have assets in other provinces and in other countries.For example, you may be a Canadian citizen, but you spend the cold Canadian winters in sunny Florida. Since you go to Florida regularly, you bought a nice little home near the beach. If you have assets in other provinces or […]
PROPERLY AMENDING YOUR WILL
A will is not a document that has to be set in stone during your lifetime. The great thing about a will is that you can treat it as a living, breathing document in that you can make changes to it when appropriate. We understand that your life is not stagnant. You will get married, […]
UNIQUE GIFTS IN A WILL
As technology advances and society changes, Wills are starting to look different from years ago. In particular, people are now requesting that specific bequests/gifts be included in their Will. Some of the most common unique requests are pet trusts, digital assets, and genetic material. Let’s talk a little bit more about how to deal with […]
EXECUTOR WITHHOLDS INHERITANCE
In 2015, there was a case in the Saskatchewan court that dealt with the issue of a beneficiary’s right to claim her inheritance, and the executor attempt to withhold payment of the inheritance until the issue goes to trial. The court, in this case, looked to other courts in Canada, including Ontario, in its decision. […]
WHAT ABOUT RRSPs & RRIFs?
For many of us, one of biggest vehicles for savings for our retirement is RRSPs and possibly RRIFs. Oftentimes, these investments form a big part of our estate. So, we want to make sure that these assets are considered appropriately when you’re estate planning. You must designate a beneficiary for your RRSP and RRIF. If […]