How To Prepare Estate Plan Like A Pro

If you are thinking that estate planning is only for the multi-millionaires, then think again. Not having an estate plan can lead to chaos about your end-of-life wishes, alongside emotional stress for your family. 

Here are a few tips to prepare an estate plan like a pro. 

Prepare a team:

Working with a team that includes an estate planning attorney, tax professional and a financial advisor can help you devise a comprehensive estate plan that is personalized for you. Each of these professionals play an important part in the process. The objective is to make sure distribution of your assets to the people or organization you wish with as little chaos as feasible. 

Set up guardianship for dependents:

You will want to name a guardian to take care of any dependents, such as a minor or a person you care for with special needs. 

Ensure you talk to your selected guardian before time to get his or her approval. But keep in mind that he or she does not have to be the person managing the money left for your kid’s benefit. 

Plan for federal and/or provincial estate taxes:

Keep in mind that if your estate is subject to federal estate taxes, they’re generally due in cash within a certain period of death. This may be a worry if much of your estate isn’t actually in cash. That could possibly mean selling assets, like a house you may have wished to leave to a successor. 

Talk to a professional who can work on your financial plan to determine which estate tax tactics may be apt for your situations. 

Prepare for long-term care:

Let’s say you or your other half needs costly long-term care that cuts into the assets you may have originally reserved for your successors. A financial planner can assist you prepare for long-term care needs while preserving your assets. Ensure to talk about your options and come up with multiple plans, in case your health changes. 

Keep your beneficiaries up to date:

Remember any money you’ve in accounts with named beneficiaries will go to those individuals, even if your estate plan says otherwise. So keep your beneficiary designations allied with your estate plan to make sure there are no disagreements. 

Want to make sure you and your loved ones are protected with a legal will? Feel free to schedule for a professional Estate Planning in Mississauga with Haunn Landers & Co.