Learning from experience
The holidays can be one of the few times multiple generations gather together. Between catching up and sharing meals, many families may reflect on how to best support aging parents and loved ones. Though the topic isn’t always easy, December can be an ideal time to begin discussing key estate planning documents like Powers of Attorney and Representation Agreements.
While financial planning and estate planning are two important aspects of managing wealth, they are often viewed in isolation from each other. However, understanding how these two different kinds of professionals work together can optimize your wealth management strategy and ensure your legacy is protected.
Whether its marriage, divorce, birth, death, or financial circumstances, life is constantly changing and it can impact your estate planning needs. If you already have a will but need to make updates, you may not have to rewrite the entire document. This is where a codicil could be the right choice.
Creating a Will doesn’t necessarily mean multiple in-person trips to a lawyer’s office, rearranging your schedule, or scrambling for childcare. Modern technology and legal changes in British Columbia allow you to complete the entire process virtually if you want to.
Sometimes life can be unpredictable, and circumstances like separation can complicate estate planning. If you are still legally married but separated and you don’t update or write a new will, the distribution of your assets may not align with your wishes.
Estate planning isn’t just about distributing assets and minimizing taxes—it can also bring up difficult emotions. It can involve making difficult decisions about your legacy, family dynamics, and mortality.
As adult children, one of the most important roles you can play in your parents’ estate planning is to be a supportive guide, not a decision-maker.
When assisting elderly parents with estate planning, it’s important to ensure they have all the necessary documents in place to manage their assets and personal affairs according to their wishes.
Approaching your elderly parents about estate planning can feel like a delicate challenge, but it’s an important step in ensuring their wishes are respected and the family’s future is secure.
When people buy real estate, often it is with multiple owners, whether spouses, parents, children or other arrangements. With the rising price of houses, this is becoming more and more common.
