Estate planning requires assessing which financial products can help maximize what your loved ones receive and minimize tax burdens, including probate fees
Most people don’t want to think about their own death – let alone talk about it. This unwillingness to contemplate their own mortality means many Canadians lack the knowledge to engage in effective estate planning, a new study suggests.
Estate planning helps manage and distribute assets after death, including who receives your property, when and how it will be transferred. “It’s about sitting down and structuring your finances in such a way that you minimize taxes and fees,” Ms. Soo said. Another investment solution that can help maximize inheritance is a segregated fund – although only 25 per cent of Canadians have a solid understanding of what it actually is, according to the study.
“[If] I put $100,000 in a segregated fund, I make 10 per cent, I pass away, the $110,000 goes straight to the beneficiary, bypassing probate,” she explained.
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