Where There’s a Will, There’s a Way: How estate planning can ensure your legacy is protected

Streets Of Toronto X Nicola Wealth

When it comes to planning for the future of your estate, do you have everything in place? Many Canadians still don’t have a will, which can leave questions unanswered for family members and loved ones. The importance of estate planning can help ensure that surviving loved ones are provided for and that the transfer of assets takes place according to your wishes with as little disruption as possible.

Estate planning can be complex. Commonly used to minimize taxes after the death of a loved one without compromising their intentions, there are a lot of nuances within the process. The more trust and communication between everyone involved, the better the result. This is when involving your trusted financial advisor can be helpful.

Ron Haik, a Wealth Advisor | Client Relationship Manager at Nicola Wealth Management Ltd. (“Nicola Wealth”) works closely with many of the firm’s Ontario-based clients to build and protect their legacies. When asked about the best approach for legacy management, Haik said, “Frequent and open communication is the key to a smooth transition.”

HOW AN ADVISOR CAN HELP YOU PROTECT YOUR LEGACY

At Nicola Wealth, estate planning will begin with an advisor gathering information and formulating a plan, then guiding you through a series of meetings to assist in deciphering the questions and issues when creating a will. Nicola Wealth’s clients find that having a knowledgeable and friendly wealth advisor in those meetings reassures them when addressing the issues. A wealth advisor can also work with you prior to these meetings to proactively prepare information, such as your net worth.

To plan for the future, it is key to understand where you stand today. All parties should become familiar with what and where all the major assets and liabilities are, who owns them, and how this affects final distribution. This can include a detailed accounting of all investments, real estate assets, private company share ownership, insurance policies, and any outstanding debts.

To plan for the future, it is key to understand where you stand today. All parties should become familiar with what and where all the major assets and liabilities are, who owns them, and how this affects final distribution. This can include a detailed accounting of all investments, real estate assets, private company share ownership, insurance policies, and any outstanding debts.

While those are some of the key first steps of estate planning, there are other factors Nicola Wealth can help you consider, such as:

  • Taxes and fees
  • Appointment of executors, trustees and guardians
  • Powers of attorney
  • Letters of wishes
  • Distribution of assets
  • Charitable giving
  • Succession planning

Wills and estate planning are tasks that can be daunting to begin and complex to complete. Having spent a lifetime building wealth and security, the prospect of organizing your affairs to prepare for the inevitable transition can be intimidating and overwhelming, resulting in procrastination, or worse, avoidance. Nicola Wealth understands the challenges that clients face and works tirelessly to simplify this often-complicated matter. Scan the QR code below to access more estate planning resources.

This material contains the current opinions of the author and such opin¬ions are subject to change without notice. This material is distributed for informational purposes only. Nico¬la Wealth is registered as a Portfolio Manager, Exempt Market Dealer and Investment Fund Manager with the re¬quired securities commissions.

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