How can estate planning minimize obstacles for my heirs?

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Estate planning provides some ability to minimize the obstacles that loved ones might encounter in the event of an unexpected death such as:

• Fear of losing your money by erosion of capital that might come about with poor investments.
• Delays during the settling an estate can be a lengthy process.
• Legal and accountancy costs, probate fees, and taxes.
• Potential liabilities for Executors and Trustees in Ontario re the new administration of probate/EAT in 2013.
• Lost privacy due to your will becoming public during the probate process.
• Ability of your beneficiaries to handle money as some children are less capable than others of handling large amounts of money

How can the use of Segregated Funds and Term Funds help?

• Ability to invest in diversified funds that have professional money management to help your clients preserve their capital.
• Segregated funds and Term funds with named beneficiaries can avoid probate, making payout quicker.
• By avoiding probate, your wishes are kept private.
• There are excellent estate planning concepts such as the Gradual Inheritance concept that can help you better plan the allocation of money to your children (eg., buying an annuity or deferring payout until the child turns a certain age)

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Life Insurance policies vary according to contract terms. Please read any Life Insurance policy contract provided, or the segregated fund summary information folder prospectus before the time of purchase. Full details of coverage, including limitations and exclusions that apply, are set out in the policy of insurance. Commissions, trailing commissions, management fees and expenses may be associated with segregated fund investments which may not be guaranteed and their market value changes daily and past performance is not indicative of future results. A description of the key features of a life insurance policy, a segregated fund; and any applicable individual variable annuity contract is contained in information provided by the company from which it is purchased. Talk to your advisor before making any financial decision. For specific situations, advice should be obtained from the appropriate legal, accounting, tax or other professional advisors. The information provided is accurate to the best of our knowledge as of the date of publication and is general in nature, intended for educational purposes only, and should not be relied upon as a substitute for advice in any specific situation. For specific situations, advice should be obtained from the appropriate legal, accounting, tax or other professional advisors. Rules and their interpretation may change, affecting the accuracy of the information.

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The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. This content was prepared by Adviceon® for the benefit of the advisor Harvey Garraway who is a Investment Funds Advisor at Investia Financial Services Inc. a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this presentation comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability.