Efficient Estate Management
Estate planning is a vital process that allows us to arrange for the management of the disposal of a person’s estate in the most efficient, seamless and fairest way possible while efficiently minimizing Estate Administration Tax (probate fees).
While there are many different factors and professionals involved in proper estate planning, at O’Kane Financial Group we guide our clients through the different avenues and help provide as many resources as possible to give peace of mind for them and their loved ones.
More Than Just Your Estate Legacy
While many Canadians believe that estate planning revolves simply around having a properly executed Will and Power of Attorney designations, that should only be a starting point and should be incorporated into your financial planning process. In addition, the conversation of estate planning can often lead to a better understanding of a person’s overall financial goals and desires, as they often go hand in hand.
In regards to Life Insurance and Investment products, a very important aspect of estate planning is the beneficiary designation. Naming a beneficiary allows for you to make the choice of who will receive the proceeds of your Life Insurance, RRSP, RRIF, TFSA, etc. in the event of your death. Adding this designation ensures that the assets will pass to your beneficiaries outside of your will avoiding Estate Administration tax on those assets. It is also tremendously important to add a contingent beneficiary in the event that your primary beneficiary is no longer alive or were to pass at the same time. Once again, this helps maximize your estate by not having those funds exposed to potential probate.
Much like retirement planning, everyone has different goals and views on what they would like to result from their assets at death. For some, it is important to create a legacy to give to their heirs and for others it is a charitable endowment to a cause close to their heart, which can also be a great tax strategy to assist with a final tax return.