Preserving Your Wealth Checklist
At AGI Law in North York | Toronto, our estate lawyers believe that end of life planning is an important part of financial security, which is why we have developed an end of life checklist to help guide you through the process. Here are some of the key steps:
Create a will or trust: The first step in estate planning is to create a will or trust that outlines how your assets should be distributed after your death. If you already have a will or trust in place, it's important to review it regularly to ensure that it still reflects your wishes.
Designate beneficiaries: Make sure that your life insurance policies, retirement accounts, and other assets have designated beneficiaries. This ensures that these assets are distributed according to your wishes and can help avoid probate.
Plan for end-of-life care: Consider creating an advanced healthcare directive or living will that outlines your wishes for end-of-life care. This can help ensure that you receive the medical care you want and can also provide peace of mind to your loved ones.
Appoint a power of attorney: Consider appointing a trusted family member or friend to act as your power of attorney in case you become incapacitated. This person will be responsible for making financial and legal decisions on your behalf.
Discuss your wishes with your family: It's important to discuss your wishes for end-of-life care and estate planning with your family members. This can help avoid misunderstandings or conflicts later on.
Consider a trust for your home: If you're concerned about what will happen to your family home after you're gone, consider placing it in a trust. This can help ensure that the home is transferred to your designated beneficiaries and can also provide tax benefits.
Protect your assets: If you're concerned about the financial stability of your adult children or other family members, consider setting up a trust to protect your assets. This can help ensure that your assets are used in the way you intended and can also provide ongoing support to your loved ones.
Keep important documents in a safe place: Make sure that important documents, such as your will, trust, power of attorney, and insurance policies, are kept in a safe place that your family members can access when needed.
I hope this checklist provides some guidance on how to approach end-of-life planning and estate management. It's important to work with an estate lawyer in North York | Toronto to ensure that your wishes are carried out as you intended.