October 30, 2016
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About 80 people gathered Monday night at the Belgrave Community Centre to hear Peter Wouters (above; photo by David Dadson) discuss common mistakes made during the process of estate-planning.
Using members of the crowd as examples, he explained the different strategies often used to transfer an estate to those who are supposed to inherit it - ideas as simple as transferring assets during your life or gifting to people while you are still alive or setting up trust funds.
Wouters then turned his attention to estate-planning. He talked at length about what happens to your estate when you die, starting with specified beneficiaries – naming beneficiaries on your investments, such as life insurance policies, Registered Retirement Savings Plans (RRSPs), etc. - and how those funds transfer outside the estate but sometimes with unintended tax implications if not thought through.
He then moved on to joint ownership of such things as bank accounts or title to property – including the difference between tenancy in common, and joint tenancy, and what each choice means with repect to how the property transfers upon death.
Wouters next turned to the topic of wills and the importance of having a one to ensure your property goes to the people you intend to have it. However, he also emphasized the importance of periodically “stress-testing” your will.
This ensures it still meets your intentions, all your assets are included, it outlines what you want done with the portion of your estate should one of your beneficiaries predecease you, and that you still want the same executors for your estate, he said. It's also an opportunity to consider any changes in the laws over the years regarding estates, taxation and tax executor liabilities.
For more information on these and other financial planning issues, contact Nancy Ackert Financial Solutions, at 519-396-6880 or by E-mail at nancy@nancyakert.ca, on-line at www.nancyackert.ca/ or on Facebook at www.facebook.com/Nancy-Ackert-171546352863865/
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