Estate Planning 
Estate Planning is something that most of us would
prefer to avoid. It's very difficult to imagine leaving your loved
ones behind, but it's worse to imagine leaving them unprotected.
Young or old, wealthy or middle class, an Estate Plan is essential.
Our Estate Planning professionals understand the hesitations involved
in putting a plan into place. We're here to guide you through this
vital process and leave you with a plan you can feel good about.
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Betty Ann Fernquist
Trust Services Officer
Swift Current Branch |
So,
what is an estate? Your estate is simply everything you own -
home, real estate, investments, pensions, insurance policies, collectibles
and personal belongings.
People take part in estate planning because they want to control who
will receive their assets and they want this to happen with the least
amount going to legal fees and taxes. Estate planning is much more than
just a will. It provides information and strategies to:
- Protect and support beneficiaries
- Make critical, personal decisions
- Control estate costs
- Understand and reduce taxes
- Fairly distribute assets
If you die without a will in Canada, the estate is automatically distributed
according to the laws of the Province you live in rather than the needs
of your survivors. Provincial legislation applies a set formula to divide
the estate among your spouse, children, and relatives and the results
could be very different from what you really want. Guardians appointed
by the
courts for children might not be the ones you would have chosen.
Estate Planning Goals
As part of the Estate Planning process, we will help you determine what
you'd like to accomplish with your plan. We will look at things like:
- Determining who will be the heirs or beneficiaries of your estate,
and how much each will receive.
- Deciding who will settle the estate
(the executor) and administer the
property within the estate.
- Providing adequate financial security
to your dependents after your death.
- Providing enough liquid assets
for your estate to meet its obligations.
Planning for the transfer/disposition of a closely-held business
(if applicable).
- Transferring the maximum possible percentage
of your assets.
- Planning and controlling the desired distribution
of assets, both during lifetime and at death.
- Minimizing taxes and
estate settlement costs.
Estate Planning Process
Once we've determined the goals you'd like to accomplish with your Estate
Plan, it's then a matter of developing an action plan to achieve them.
We will work with you to:
- Gather data
concerning assets, family needs, and desires
- Identify special needs,
concerns, or problem areas
- Identify and calculate estate transfer
costs
- Formulate your plan
- Implement your plan
We look forward to helping you!
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