Planning your estate isn’t something exclusive to eccentric billionaires.

It can be simple or complex depending on how you wish your estate to be handled. An adequate estate plan usually includes having a will completed by a lawyer which lays out clear direction on how you wish for your estate, including assets, liabilities, and legacy, to be handled should something unfortunate happen to you. It will also indicate who you trust to manage your estate, also known as an executor, and who you wish to receive benefits from your estate, also known as beneficiaries.

 

There can be significant complications and costs associated with dying without a will, or also referred to as Intestacy.

 

Such consequences could include delays in distributing funds while Court Grants and Appointments are administered, or tax consequences if no beneficiaries are designated, or perhaps unintended beneficiaries receiving parts of your estate. These can be dependent on what province you reside in.

Putting an estate plan in place also provides an opportunity to review your insurance needs and investment portfolio. Some insurance needs include ensuring you have adequate insurance in place to cover any liabilities outstanding to your estate, liabilities that your estate could incur, and income protection for your family should your financial support no longer be available. A review of your investment portfolio will prepare your estate to ensure you have designated beneficiaries in place, sufficient tax planning to minimize your estate taxes, and diversity in your portfolio to take care of your loved ones for years to come.

At Bow Valley Credit Union we believe that everyone should have some sort of estate plan in place to ensure their financial matters are resolved quickly and as stress free as possible. Getting started is as simple as speaking with an expert representative at Bow Valley Credit Union. We will take the time to understand your wishes, provide a list of recommended estate lawyers, and refer you to our expert Credential Securities Investment Advisor who will provide sound advice to maximize the best return for your estate.   

 

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Canmore Branch Manager

Marla Schlachter

403-678-5549
mschlachter@bowvalleycu.com