{"id":1383,"date":"2018-09-11T16:59:58","date_gmt":"2018-09-11T16:59:58","guid":{"rendered":"https:\/\/areslaw.ca\/parry-sound\/?p=1383"},"modified":"2018-09-11T16:59:58","modified_gmt":"2018-09-11T16:59:58","slug":"what-you-really-need-to-know-about-estate-planning","status":"publish","type":"post","link":"https:\/\/areslaw.ca\/parry-sound\/what-you-really-need-to-know-about-estate-planning\/","title":{"rendered":"What You Really Need to Know About Estate Planning"},"content":{"rendered":"

Planning your estate and mapping out what happens to your assets when you die is a complex process. For many people, it can be somewhat uncomfortable to think of planning ahead for a time when you are no longer around, however, there\u2019s also quite a bit of information that everyone should know\u2026as well as common pitfalls that you\u2019ll want to avoid. Here a few important things you should be aware of before you start:<\/p>\n

Be strategic <\/strong><\/p>\n

Part of the reason why estate planning can be so complex is because it\u2019s important to be strategic when you plan, particularly when it comes to taxes and providing your heirs with the smallest tax burden possible.<\/p>\n

When planning your estate, keep in mind that it is the responsibility of your estate to pay the taxes on things like capital gains and money you have stored in a Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF). It\u2019s also the responsibility of your estate to pay for the costs of your funeral.<\/p>\n

There are options available to help plan ahead in order to avoid subtracting these costs from your estate – and the amount that you will leave to your loved ones. Prepaying your funeral costs, for example, can help, as well as transferring money to your beneficiaries before you die.<\/p>\n

Choosing an executor <\/strong><\/p>\n

In addition to being strategic and planning ahead, you\u2019ll also need to make a decision about who you would like to appoint as the executor of your will.\u00a0 If you aren\u2019t familiar with the term, a will executor is responsible for ensuring that your final wishes are carried out as defined in your last will and testament. This involves gathering up your assets, paying off any outstanding debts and then distributing the assets to your beneficiaries. It also involves other administrative type tasks like cancelling your credit and health cards and closing any accounts. For a closer look at the various tasks required, check out this executor duties checklist<\/a> from RBC.<\/p>\n

When choosing your executor, it\u2019s important to choose wisely. Although being trusted as the executor of your will may be seen as an honour, it\u2019s important to know that is often an extremely stressful and timely process. For this reason, some individuals actually choose to use an outside party who is not a beneficiary of the estate to fulfill this role rather than a loved one or close friend.<\/p>\n

You may have to make changes <\/strong><\/p>\n

Congratulations! You\u2019ve got your estate plan in place, and hopefully the peace of mind knowing that things are carefully thought out and there are no loose ends. Keep in mind, however, there may be good reason to add some minor modifications in the future. For instance, the dissolution of a marriage or even a falling out in the family may mean that your will needs to change<\/a> in order to be both valid and accurately reflect your final wishes.<\/p>\n

As you can see, estate planning is not always easy. At Ares Law, our team specializes in estate planning and helping our clients in Parry Sound, MacTeir and the larger Muskoka area deal with the intricacies of planning their estate. If it\u2019s time for you to plan your estate or update your current will, give us a call today at (705) 746-6444.<\/p>\n","protected":false},"excerpt":{"rendered":"

Planning your estate and mapping out what happens to your assets when you die is a complex process. For many people, it can be somewhat uncomfortable to think of planning ahead for a time when you are no longer around, however, there\u2019s also quite a…<\/p>\n","protected":false},"author":1,"featured_media":1384,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[27],"tags":[96,64,106,112,60],"class_list":["post-1383","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-law","tag-estate-lawyer","tag-estate-planning","tag-parry-sound","tag-will-executor","tag-wills"],"yoast_head":"\nWhat You Really Need to Know About Estate Planning - Ares Law Parry Sound & Muskoka<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/areslaw.ca\/parry-sound\/what-you-really-need-to-know-about-estate-planning\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What You Really Need to Know About Estate Planning - Ares Law Parry Sound & Muskoka\" \/>\n<meta property=\"og:description\" content=\"Planning your estate and mapping out what happens to your assets when you die is a complex process. 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