Estate Planning
Estate planning means creating a plan to protect your assets upon your passing and distributing them according to your wishes.
What is Estate Planning?
The many components of Estate Planning include:
- A will
- Tax planning
- Life insurance
- Funeral preparation
- Charitable giving
- Beneficiary designation
- Arrangements for minors
It can also involve arranging for end-of-life care and the possibility of incapacitation through the use of a power of attorney document.
Regardless of your circumstances, it’s essential to have an estate plan that reflects your personal and financial situation, and safeguarding the interests of a spouse, children and other family members is generally a priority. In situations where there’s a beneficiary with a disability, there are often other considerations that must also be taken into account.
A major concern when planning for the benefit of a beneficiary with a disability is the financial well-being of the individual. Knowing your beneficiary’s sources of income and whether they’re receiving provincial disability benefits, as well as the beneficiary’s capacity to make decisions about their property will heavily influence how you should structure your estate plan.
Discussions Need To Happen Around:
- Ensuring the financial security of your disabled beneficiary
- Protecting government disability related benefits
- Your beneficiary’s capacity to manage their assets
- Strategies to Minimize taxes
- Determination if Trusts would be advantageous
- Beneficiary designations
- Speaking to other family members that may wish to leave funds to your child
It is imperative to speak with an experienced lawyer that specializes in this area to put your Will and Power of Attorneys in place.