Here’s why you shouldn’t put off estate planning
Estate plans are equally beneficial for caregivers and those being cared for and should be created early. Discussing your finances and your wishes in the event of incapacity or death can be awkward and emotional but working with a financial advisor to make an estate plan can ease some of the stress from you and your family. Here are a few things to consider.
Be open about your wishes.
Don’t leave your family guessing about things like funeral arrangements, beneficiaries, and where to find important documents like your will, social insurance cards, and bank, investment, and insurance documents. Consider keeping a checklist of all your accounts and documents and create a single file where all these documents live.
Discuss care options.
Consider what you will do if you require some degree of care as you age – homecare, private assisted living, and long-term care facilities are all options you should review. There are government subsidies available for home care if you plan to stay in your own home and only need basic support. Long-term care facilities are operated by the provincial government which covers nursing and personal care costs while you pay room and board. Private assisted living spaces offer more independence while meeting care needs, but they can be expensive. If money is a concern, consider long-term care insurance. But, don’t wait too long to apply as it may become more expensive or you may be denied based on age or health qualifications.
Make sure your will, power of attorney, and beneficiaries are updated.
You may think an estate plan is set it and forget it, but significant life events may require executors, powers of attorney, and beneficiaries to be removed or added at various times. Like the rest of your financial plan, your will requires regular review. Check out these seven reasons to update your will today.
Be mindful of tax implications.
Estate planning can be especially useful for creating a strategy that won’t leave your loved ones with a hefty tax bill after your death. Talk to your Assante advisor about gifting to charities or investing in accounts that can be transferred to beneficiaries outside the estate.
There is no one-size-fits-all strategy for estate planning. We can help make sure your plan accommodates your individual needs and wishes.