What do you need
to implement an
effective estate
plan?
Most people need a
custom drafted set
of documents
consisting of the
following:
-
Will
-
Enduring Power
of Attorney
-
Personal
Directive
In addition, certain
individuals can
benefit from more
specialised services
such as:
-
Trusts
-
Life Insurance
Declarations
-
RRSP
Declarations
-
Tax Planning
Strategies
The proof of an
effective estate
plan is in its
implementation.
Managing the legal
issues arising from
an estate is part of
the complete estate
services provided by
Ritchie Mill Law
Office.
"Ultimately, if
you can't afford a
Will, you can't
afford to die "
- - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
Why do you need a
Will?
A Will gives you
peace of mind,
Without a will:
-
You can't control the
economic fate of
your family and
loved ones - the
government does.
-
You can't pick
the guardian for
your children - the government
does.
-
You can't choose
your
beneficiaries - the government
does.
-
You can't choose
an executor to
administer your
estate.
-
You can't plan
your estate to
minimize
tax.
-
Your family
will have to
deal with
countless
frustrations,
delays, expenses
and economic
loss.
-
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- -
When should you
start the Estate
Planning process?
We recommend that
you start today; But it
is especially
important to have
(or update) a Will:
-
When you acquire
a significant
asset (like a
home)
-
When you get
married,
remarried or
even enter into
a common law or
same sex
relationship.
-
When you have
children.
-
When you
separate or
divorce.
-
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- -
Why not just use
a Will Kit?
The short answer
is: you get what you
pay for.
Will kits are
dangerous to your
wealth because:
-
They may not
deal adequately
with blended
families or
children with
disabilities.
-
They don't
advise you on
matters such as
tax issues,
trusts and
business
interests.
-
Like most "quick
fixes" they can
end up costing a
lot more time
and money in the
long run.
-
The courts
sometime declare
these Wills
invalid,
potentially
overriding your
final say.
- - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
An effective
estate plan consists
of more than just a
Will.
Imagine a situation
where you or a loved
one develops
Alzheimer's,
dementia or suffers
brain damage from an
unexpected accident.
An Enduring Power of
Attorney and
Personal Directive
can help your family
to avoid a series of
stressful and
expensive court
applications.
-
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- -
What is an
Enduring Power of
Attorney (EPA) and
why do you need one?
An EPA allows you to
appoint someone to
manage your financial
affairs if
you
lose the mental
capacity to do so.
Without an EPA, your
family will
have to repeatedly
go to court to
get that authority.
-
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- -
What is a Personal
Directive (PD) and
why do you need one?
A PD lets you
appoint someone to
make decisions about
your healthcare
and other
non-financial
personal matters if
you lose the mental
capacity to do so.
Without a PD, your
family will likewise
have to repeatedly
go to court to get
that authority.
-
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- -
Upon the death of
a loved one:
Ritchie Mill Law
Office can assist
you with the
following:
-
Preparing
applications for
grants of
probate or
grants of
administration.
-
Advising
executors
or
administrators
on all matters
in connection
with the
administration of
estates.
-
Facilitating the
transfer of
assets on a cost
and tax
effective basis.
-
Advising
executors on the
relevant law
governing the
distribution of
the estate to
beneficiaries.
-
Any other advice
or support.
-
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- -
What is your next
step in Estate
Planning?
Contact our Estate
Planning Group
Leader, to discuss
how we can help you
develop and
implement your
estate planning
strategy.
