Estate Planning: What You Should Know

KITCHENER, Ontario - April 11, 2023 - PRLog -- Estate planning encompasses a wide variety of elements, including legal documents and preparations for your family. An estate plan can include everything from a Power of Attorney for your health care and financial affairs if become incapacitated, to a Will after you're passing. It spans the naming of an executor to carry out your wishes, appointing a guardian for minor children, and more.

Death Comes For Us All, But Are You Prepared?

Need Estate Planning? Here's What to Consider

Estate planning includes retirement and the preparation of a Will.

The overall planning of a person's present wealth and it's growth is estate planning. All of the assets owned or controlled by a decedent and the debts that were the responsibility of the decedent at the time of the deceased's death including taxes due at death are included in Will planning. Estate planning includes retirement planning and the preparation of a Will and the planning for taxes after the individual's death. To meet a person's goals concerning preparing for incapacity and death, numerous factors such as financial, estate taxes, insurance, investment, and tax implications must be taken into consideration.

The main legal documents are a Power of Attorney and a Will. A Power of Attorney document is also known as a Living Will. It outlines provisions for the management of your finances and medical care if you become incapacitated through injury or illness. And it protects your assets while you are still alive. A Will comes into effect when you pass away. It provides instructions on how your assets will be managed and distributed after you're gone, such as payments to named beneficiaries.

Creating an estate plan provides peace of mind knowing that the assets you have accumulated in life will be distributed the way you want.

And it can simplify settling your estate and minimize taxation and administration costs. Proper estate planning can greatly reduce the burden on those left behind. Most importantly, it can avoid uncertainty about how to settle your estate.

Contact Glenn Stewart, CIP, CRM, CHS, CEA
1-888-256-8685
or email to glenn@glennstewartinsurance.com
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