Developing your Estate Plan
What is an Estate?
Your estate consists of all the assets and property which you own and all your financial liabilities. For many people, their estate would comprise their bank account funds, their RRSP, RRIF and investment account funds, the equity in their residential property, their vehicle and other personal property along with their mortgage, taxes owing, bank line of credit and credit card debt. Others have more complex estates which could include business, professional practice or partnership interests, rental or commercial real estate properties, foreign investments, properties located outside of Canada, royalty income or trust interests.
What is an Estate Plan?
Your estate plan will protect your assets and secure your legacy.
An estate plan consists of the arrangements you’ve made for the management, protection and disposition of your financial assets and liabilities both during your lifetime and following the eventual circumstance of your death. Many people also incorporate into their estate plan arrangements for personal issues such as their end of life living arrangements and health decisions and their funeral arrangements.