The Undeniable Advantages of Hiring an Estate Management Expert
Delwin Graham & Eric Brown - Sep 15, 2020
If you do not engage in estate management, your assets might not be distributed at the time of your death the way you intended. This can cause permanent family rifts and leave loved ones without.
While estate planning is an essential wealth preservation practice, survey results show that only 49% of Canadians have a will. If you are part of the 51% that don't, then creating a will should be your most urgent priority. If you do not engage in estate management, your assets might not be distributed at the time of your death the way you intended. This can cause permanent family rifts and leave loved ones without.
Besides this, passing away without proper estate planning in place can also lead to unnecessary costs and estate taxes. To avoid this, you must carry out proper estate planning. And the best way to do this is by consulting with an estate management expert.
Having an estate planning professional on your side holds numerous, invaluable advantages. If you are wondering what the benefits of partnering with an estate management expert are, keep reading as we discuss how this decision can protect both your assets and your family.
Hiring an Estate Management Expert Ensures a Bullet-Proof Estate
One of the most significant advantages of hiring an estate management expert is that this ensures a water-tight will. If you choose to draw up a will on your own, you might leave open some gray areas, which can lead to problems when it comes to distributing your estate.
Like other legal jargon, estate-planning languaging can be complex and misleading. If you DIY your will, you run the risk of unknowingly not fully stipulating your wishes. What's more, you might omit to make provision for the unforeseen, such as how your money is managed should you become incapacitated.
Another reason why it's best to have an estate manager assist you with your estate planning is that this can help your will survive probate. Different provinces have varying laws around things like presumptions of validity and presumptions of undue influence.
It is vital that you take these into consideration when the drafting of your will takes place. Otherwise, your estate might be open to being contested.
An important thing to remember is that mistakes and omissions in wills are usually only discovered after the estate holder dies. By then, it's too late to rectify them. Therefore, it is best not to take any chances.
They Keep Your Estate Plan Up to Date
Besides helping you create a comprehensive estate plan, an estate manager will also ensure that the estate plan is up to date at all times. One of the largest issues with DIY wills and estate plans is that they often do not get updated. Let's be honest, how many times do you think about your will and how things have changed since you wrote it? Probably not that often, if ever.
Most people who do draft a will, draw it up, stick it in a drawer, and forget about it. However, as the years pass, there may be some significant changes in your life. You might acquire new assets, dispose of other assets, have children, marry, divorce, etc.
To ensure effectiveness, it's essential that your estate planning keeps up to date with your life.
Here's an example of how things can go wrong if it doesn't: Say you drew up a will when you were 31. At the time, you had $300,000 in assets. Over time, you grew your wealth considerably. You currently have $7 million in assets. If you were to pass today without updating your estate plan, this would trigger taxation on your estate. On the other hand, if you engage an estate planning expert, you might be able to incorporate tax-planning strategies into your estate plan, which would save your heirs a considerable sum in estate taxes.
You Will Receive Professional Tax Guidance
Speaking of tax advice, having a professional estate planner on your side is critical if the value of your estate is higher, as you could be exposed to higher final taxes on your terminal return.
Provincial and federal tax laws change often. Having a trusted estate planner on hand means you will get updated should anything change. They will also be able to advise you on what corresponding alterations to make to your estate-tax-planning strategy.
They Can Advise You on Advantageous Asset Titling and Beneficiary Designations
Many Canadians are under the impression that all assets fall under the directions left in one's will. This is not the case, however. Certain types of beneficiary designations on assets and property ownership are passed on independently of your will.
If you want to control where these assets go, the smart move is to consult with a professional estate manager. They can then advise you on any required beneficiary designation changes or retitling of accounts and property.
Once this is done, these assets will be encompassed in your estate plan. This can prevent unnecessarily costly and prolonged probate proceedings in the future.
Estate Management Experts Also Protect Your Wealth While You Are Alive
Hiring an estate management expert is one of the best ways to ensure your wealth is protected and distributed according to your wishes after your passing.
Besides this, estate management services also protect your wealth while you are still alive. The reason for this is that a professional estate manager will be able to propose clauses for your will that safeguard your assets should you become incapacitated. By establishing things like power of attorney and health-care directives, you can ensure that your money is accessible but still protected in the event that you cannot act for yourself.
Do You Need to Find a Trustworthy Estate Planning Expert?
Estate management is a crucial step in protecting your assets and your family's well-being after the event of your death. What's also crucial, however, is hiring the right estate-management expert.
If you are looking for an estate planner that is trustworthy, reliable, and knowledgeable, then take a look at our services today. Not only do we offer estate planning, but we also specialize in wealth management and wealth building. With us, you will be assured of a tailored service with a holistic goal to grow and protect your wealth.
Want to learn more about how we can serve you? Contact us today to discuss your estate planning needs.