Five takeaways from our Wine & Wills seminar
Creating a will might sound complex and overwhelming. However, without one, the government decides who inherits your assets based on your family structure following the law. In that scenario, the distribution may not align with your wishes. Planning your estate is crucial to ensure your desires are respected and your family members can have peace of mind.
Just in time for Make a Will Week, we hosted a Wine and Wills seminar where guests learned valuable insights from legal and financial experts. They emphasized that creating a will can be accessible to anyone and shared important notes on how to get started. Here are our top five takeaways from last week’s event:
Communication is key
Don’t shy away from discussing wills with your spouse and family members. When appointing executors and naming guardians for minor children, discuss this responsibility with the appointees.
Choose executors wisely
Choosing an executor is one of the most important decisions in estate planning. This person will be in charge of handling your estate, including managing and distributing assets as per your instructions. Our experts emphasized the significance of selecting a competent and reliable executor, as well as naming alternates. Keep in mind that situations can change – your primary choice might predecease you or be unable to fulfill the role when the time comes.
Share financial responsibilities
Even if one spouse typically manages finances, both partners must be familiar with accounts, investments, and professional contacts. This shared knowledge can prevent confusion and stress during difficult times.
Review and update regularly
Life changes — so should your will. It’s essential to review your estate plan every five years or after major life events. A will that doesn’t reflect your current circumstances and wishes can lead to confusion, conflict, or unintended consequences.
Support causes you care about
You can leave a lasting impact by including charitable gifts in your will. Whether it’s a designated gift or a percentage of what’s left of your estate, your legacy can support causes you care about.
In Canada, beneficiaries don’t pay taxes on inherited assets, but the estate might owe taxes before distribution. A planned donation to charities can help offset tax burdens and maximize the value passed to beneficiaries.
Our website has additional resources about how you can make a difference for Island kids and through legacy giving.
A good estate plan is a gift to your family – it provides clarity, reduces stress, and ensures your legacy is carried out as you intend. Your future self – and your loved ones – will thank you.
Disclaimer: This blog post provides general information and should not be considered legal advice. Please consult with qualified professionals.
