Make your Will in 5 steps:
- List your assets.
Once you decided to make a will as a first step you should consider making a list of your assets owned solely by you or with others. This list should include properties (primary home), investment properties, family properties such as a cottage for example. Also, you need to include information regarding all bank accounts in your name, mutual funds, insurances, pension plans, etc. In addition, check who is a registered beneficiary with these plans. For some plans, beneficiary registration is crucial in terms of estate and income tax considerations.
- List your family members and your intentions.
If you wish to divide part or all of your estate, the best way is to start with the list of the family members. Please note disinherited family members can challenge the will.
- List your will instructions pertaining to each asset keeping in mind 3 different scenarios as follows:
- You die and your spouse and children live
- You both die and your children live
- Everybody dies
- List your trusted people and potential Guardians for your children.
Make a list of the trusted people and ask them if they agree to be your trustees and help your inheritances to manage the estate. The trustee can be your spouse, sibling, or just a trusted friend for example. Also, you can appoint a professional to be your trustee if you wish. Consider family or spousal trust if applicable in your case or gifts. Appoint the Guardian to your minor children the same way and plan how your children will get your estate upon the age of maturity.
- Review your instructions considering the estate tax and additional taxes. Estate administration tax or in other words probate tax can be the deal-breaker in some cases. In this regards the early estates planning necessary. If you are a business owner, you need to plan and give instructions in case something happens.
One more additional tip: Review your will each time you have to make life-changing decisions such as getting married or divorced, opening a new business or welcoming a newborn child, etc.
We will be glad to assist you with the estate planning and will preparation process. Please do not hesitate to contact us at Buzaker Law firm via the “CONTACT US “ form, telephone at (905) 370-0484, or via email at info@vblegal.ca.
