Planning what happens to your assets and belongings after you die isn’t something we like to think about, yet it is necessary. The failure to properly plan can result in problems for your loved ones and they may end up without the property we wish them to have. Additionally, poorly executed plans could result in our loved ones paying too much in taxes after we’re gone. In order to prevent these potential problems from occurring it is best to get help with estate planning in Kamloops.
Estate Planning in Kamloops
It is advisable to seek help from a chartered accountant for estate planning in Kamloops. Many people don’t think they need to do anything about their estate and some don’t feel they have enough property or money to worry about. In reality, everyone should plan for what will happen to their property after they pass away. Estate plans aren’t just for the wealthy. Everyone can benefit from having a solid plan in place.
An estate plan will give you peace of mind in knowing that your loved ones will be adequately cared for after your death. There are some essential things that should be part of any comprehensive estate plan. These include a will or trust, power of attorney, designation of beneficiaries, healthcare power of attorney and guardianship designations.
Essential Ingredients of an Estate Plan
Your will or trust is likely the most important part of estate planning in Kamloops. This document provides instructions for how your assets are to be distributed. The more detailed the plan the better so there is no confusion later. A trust is another option that places your assets into a fund, which can help protect it from excessive taxation.
A power of attorney is necessary because it designates who can act on your behalf. A healthcare power of attorney is also sometimes called a living will. It gives specific instructions for what to do if you are incapacitated or have a serious illness and are unable to make decisions. For example, you may include a do not resuscitate order if you are facing a life-threatening situation.
Another important consideration for people with minor children is to designate a guardian should you pass away. If you fail to do so your children may not be cared for by loving relatives. You also need to designate beneficiaries in the event of your death. You need to revisit your estate plan frequently or whenever there are any changes to your life. For instance, if you have another child or add grandchildren you may want to include them in your will and eliminate those who are no longer alive. Likewise, you should verify that your assets are all properly covered as your property and financial situation may change over time.
It takes professional help to adequately create an estate plan, especially a complicated one. Don’t take any chances that your loved ones won’t be protected in the future. Contact Campbell & Company today to schedule an appointment to discuss your estate plan needs.