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Estate Planning

A proper estate plan will:

  • ensure your assets pass to the heirs of your choice
  • facilitate efficient administration of your estate
  • reduce income taxes payable after your death and adequately fund their payment
  • provide for management of property for minors or those who lack the skill or ability to do so themselves
  • provide for guardianship of minors
  • arrange your affairs in an orderly manner to minimize the burden on your family

You should consider your intended beneficiaries, how your assets are transferred upon death and provide for the payment of any estate income tax. Estate planning can respond to these considerations.

Some strategies can take effect during your lifetime. Mandates, trusts, estate freezes and gifting may be part of lifetime planning. Life insurance may also play a key part.

Every family has individual needs. Contact an MD Advisor today to discuss the best way to address those needs.

Key factors and considerations

The will
The will states who will be entrusted with administering your estate and how you wish to distribute your assets upon death.

Testamentary trusts
A testamentary trust is created through your will to direct exactly how your estate’s assets will be managed and distributed to your beneficiaries.

Power of attorney
Appointing someone to manage your affairs in the case of your subsequent incapacity. For personal matters, particularly medical treatment, this is often called a living will.

Estate-freezing
Allow future growth in assets to accrue in your heir’s hands.

Income tax
Because income tax is one of the driving forces behind estate planning, it is important to be familiar with its major implications on death including tax return, RRSP/RRIF, Capital gains/losses and Charitable gifts.

Inter vivos trusts
Trusts created during your lifetime, called inter vivos trusts, are a means of settling assets today, while at the same time controlling use of the assets in the future, even after your death, to accommodate a beneficiary’s needs.

Life insurance
Insurance planning can cover estate taxes your heirs face.

Charitable giving
Tax planning can help you support a cause without affecting your heirs.

Make sure your beneficiaries are taken care of, according to your wishes. Contact an MD Advisor.