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Will your beneficiaries inherit your property without any problem? Will they be able to benefit from your investments and savings? Or will it go to someone you did not intend to?
The unfortunate truth is that things can go awry if you pass away without having an estate plan. Your beneficiaries may or may not get your wealth as you intended, instead it will be divided according to the “intestacy” rules of where you live!
Estate planning can help you avoid these pitfalls after you pass away.
You don’t want to leave your spouse or children in cold water if you happen to pass away. The “intestacy” rules are not as you want them to be and can lead to results that you least expect.
For instance, in some provinces, your spouse will not be entitled to receive anything while in other places your law firm partner can get same benefits as your wife! You surely don’t want that to happen we assume!
Your estate planning ensures that the intended persons get what you want them to as per your wish.
Preparing a will is only one aspect of an estate plan. A proper estate plan encompasses many elements including a review of beneficiaries, succession planning, estate freezes, joint ownership/joint tenancy arrangements and power of attorneys.
Did you know that you could even attach your digital properties in your estate plan? With more people having an online presence today, it might just make sense to have someone manage your online persona after you pass away.
Karma Financial offers professional estate planning services for individuals to help them preserve and maximize the value of their estate for their beneficiaries. In addition, we devise strategies that help you minimize the amount of taxes your estate pays after you pass away. For example, permanent life insurance coverage can offset the amount of income taxes on your estate after your death. You can also transfer your estate tax-free to your spouse/partner.
Through estate planning our financial experts can work out the after-tax value of your property. We consider all of your present assets including insurance and align your estate planning with your financial position- so that your wealth gets divided just as you desire.
Karma Financial will work to protect your estate, enhance its value and minimize taxes, leaving more to your beneficiaries! We can also help you appoint a guardian for your children so that they are always taken a care of.
Contact us today to protect your loved ones’ interests when you are gone.