Your Will & Power of Attorney, Part One of Two
By Adam
October 06, 2010
Lifestyle
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By Thien Ly
[caption id="attachment_2487" align="alignright" width="115" caption="Thien Ly"]
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Many business owners spend a lot of time and effort accumulating personal wealth and very little time preserving it. This information about Wills & Power of Attorney can help you preserve the estate you’ve built.
Ensure your will is accurately executed
A properly prepared will—reviewed periodically to allow for changes in personal, emotional and financial situations—is critical to successful estate planning. Without a will, your financial affairs will be in limbo after your death and it will take some time before a provincial court appoints an administrator. A will gives you the opportunity to put the right person in charge as executor and to designate who inherits your assets. Your will should be updated as life changes occur
• The death, birth, marriage, divorce of your beneficiaries.
• Your divorce or remarriage.
• A change in your executor/estate liquidator or trustee.
• The deletion or addition of a gift or bequest.
• A change in the value of your property.
• The change of residence to another province or country.
• The acquisition of property in another province or country.
• A major unexpected increase or decrease in your net worth (or net assets).
• The addition of another dependent, such as a child, elderly parent or other relative. • A major change in your insurance program.
• Changes in tax laws that affect inheritances.
The benefits of having a current will
• You choose those people who will receive your property and assets.
• Your personal effects, memorabilia and family heirlooms will go only to those you've selected.
• Someone you know and trust will administer your estate. That person will be able to locate your assets and pay your bills.
• Depending on your marital status, you'll be able to name the guardian of any minor children.
• The possibility of costly and lengthy estate litigation is reduced.
• Your executors will be aware of your wishes, regarding burial or cremation.
• You will be able to appoint those people who will hold, invest and manage the share of your estate going to any minor children or grandchildren.
To avoid difficulties and additional costs of administering your estate, a lawyer or legal advisor can assist you in the preparation of your will.
Stay tuned for Part Two on Friday.
About Thien Ly, EPC, RHU
Since early 2002, upon graduating from Business Accounting and Finance, Thien has been contracted as an independent Advisor at Sun Life Financial. He is dedicated to helping families, business owners and companies achieve their lifetime financial goals by providing clear financial advice in accordance to their individual needs. There’s nothing more rewarding to him than working with people who appreciate his guidance in achieving their financial goals. He holds a Life & Health Insurance Licence, Investment Funds Licence, Elder Planning Counselling Designation and Registered Health Underwriter Designation. He is currently working toward additional financial designations. Thien has been a member of the Million Dollar Round Table, which is represented with the top 1% of financial professionals worldwide. Thien also raises funds for the Kidney Foundation. You can contact Thien through www.sunlife.ca/thien.ly or call 416-992-5109.
[caption id="attachment_2487" align="alignright" width="115" caption="Thien Ly"]
[/caption]
Many business owners spend a lot of time and effort accumulating personal wealth and very little time preserving it. This information about Wills & Power of Attorney can help you preserve the estate you’ve built.
Ensure your will is accurately executed
A properly prepared will—reviewed periodically to allow for changes in personal, emotional and financial situations—is critical to successful estate planning. Without a will, your financial affairs will be in limbo after your death and it will take some time before a provincial court appoints an administrator. A will gives you the opportunity to put the right person in charge as executor and to designate who inherits your assets. Your will should be updated as life changes occur
• The death, birth, marriage, divorce of your beneficiaries.
• Your divorce or remarriage.
• A change in your executor/estate liquidator or trustee.
• The deletion or addition of a gift or bequest.
• A change in the value of your property.
• The change of residence to another province or country.
• The acquisition of property in another province or country.
• A major unexpected increase or decrease in your net worth (or net assets).
• The addition of another dependent, such as a child, elderly parent or other relative. • A major change in your insurance program.
• Changes in tax laws that affect inheritances.
The benefits of having a current will
• You choose those people who will receive your property and assets.
• Your personal effects, memorabilia and family heirlooms will go only to those you've selected.
• Someone you know and trust will administer your estate. That person will be able to locate your assets and pay your bills.
• Depending on your marital status, you'll be able to name the guardian of any minor children.
• The possibility of costly and lengthy estate litigation is reduced.
• Your executors will be aware of your wishes, regarding burial or cremation.
• You will be able to appoint those people who will hold, invest and manage the share of your estate going to any minor children or grandchildren.
To avoid difficulties and additional costs of administering your estate, a lawyer or legal advisor can assist you in the preparation of your will.
Stay tuned for Part Two on Friday.
About Thien Ly, EPC, RHU
Since early 2002, upon graduating from Business Accounting and Finance, Thien has been contracted as an independent Advisor at Sun Life Financial. He is dedicated to helping families, business owners and companies achieve their lifetime financial goals by providing clear financial advice in accordance to their individual needs. There’s nothing more rewarding to him than working with people who appreciate his guidance in achieving their financial goals. He holds a Life & Health Insurance Licence, Investment Funds Licence, Elder Planning Counselling Designation and Registered Health Underwriter Designation. He is currently working toward additional financial designations. Thien has been a member of the Million Dollar Round Table, which is represented with the top 1% of financial professionals worldwide. Thien also raises funds for the Kidney Foundation. You can contact Thien through www.sunlife.ca/thien.ly or call 416-992-5109.