Friday, July 26, 2024 3 Brooklin Town Crier Estate planning is more than just a legal exercise - it is a crucial step in ensuring your legacy is preserved and your loved ones are taken care of after you have gone. People set up estate plans to provide for beneficiaries, protect minors and minimize legal and tax issues. Here are seven tips for creating an estate plan: 1. Understand the Importance of Estate Documents. Key estate planning documents include: Will: outlines your wishes regarding asset distribution, appoints an executor, and nominates guardian(s) for minor children. Power of attorney (POA) for property and a POA for personal care: empowers a trusted individual(s) of your choice to make decisions relating to your property and finances or health care decisions if you are incapacitated. Living Will: details your medical treatment wishes. Beneficiary designations: allows for certain assets, such as registered accounts and life insurance policies, to transfer directly to a named beneficiary outside of your Will. 2. Start Planning As Soon As Possible It's never too early to start your estate plan. POAs ensure timely medical decisions and financial management if you become incapacitated. If you pass away unexpectedly without a Will, your estate will be distributed according to provincial intestacy laws, which may not match your wishes. 3. Assemble your team of professionals Having a trusted team of professionals to help you is indispensable. Your team can include: Estate planning lawyer - provides legal advice and drafts legal documents. Tax professional - recommends steps and structures that may reduce taxes at death. Financial advisor - verifies that your investments and named beneficiaries align with the estate plan. 4. Determine when you want your POA's to become effective A POA for personal care can be effective when you cannot make health care decisions yourself. You can also decide when to make POA's for property or personal care become effective. Some people make it effective immediately, while others activate it only during periods of incapacity. 5. Ensure Consistency in your Estate Planning Documents Some Wills may contradict named beneficiaries on registered accounts and life insurance policies. To ensure your estate aligns with your wishes, all documents should be consistent. 6. Talk to loved ones about your estate plan Regularly discussing your estate plan with those involved can help them better understand your wishes and clarify their roles. Verify whether your named executor(s), POAs designate and guardian(s) of minor children, are willing to serve. If they cannot, a court may appoint someone else causing delays and potential misalignment with your wishes. 7. Ensure your documents are accessible To make their job easier, an executor should know where important documents are kept. Be sure to include digital assets such as online accounts, social media profiles in your estate plan. This helps your executor efficiently manage these assets after your passing. Estate planning can be complex, so a team approach is best. An Edward Jones Financial Advisor can work with your legal and tax professionals to create a personalized strategy for you and your family. This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. 7 essential estate planning tips by Brian Evans, Financial Advisor THIS ARTICLE IS A PAID ADVERTISEMENT 20 Broadleaf Avenue, Unit B108, Whitby Office: 905-620-1439 Cell: 905-431-1898 brian.r.evans@edwardjones.com www.edwardjones.ca SALES (905) 721-6599 SERVICE (905) 721-6588 PARTS (905) 721-6577 445 Winchester Road East, Brooklin Check out our Pre-Owned Inventory on our website! Monday - Thursday 9:00am-7:00pm Friday 9:00am-5:30pm Saturday 9:00am-5:00pm Sunday Closed 1201 Dundas St. East, Whitby SALES 905-668-5846 SERVICE 905-668-8871 PARTS 905-668-8853 WITH $3699 DOWN PAYMENT ON AN ULTRA LOW KM SIERRA 1500 PRO GRAPHITE LEASE 2024 SIERRA 1500 LEASE FOR $248 BI-WEEKLY THAT'S LIKE WEEKLY FOR 24 MONTHS $124 AT 4.5% CONDITIONS APPLY. VIEW OFFER DETAILS. A GMC TRUCK FOR ANY TASK The GMC family of pickups features a diverse line of trucks perfect for whatever task you have in mind. Whether you're camping or tackling a project, our trucks deliver the utility, capability and premium features you expect from GMC. CURRENT SPECIAL OFFERS ON 2024: ELANTRA, SONATA, VENUE, KONA, TUCSON, SANTA FE, PALISADE, SANTA CRUZ, KONA ELECTRIC, IONIQ 5