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Three Ways to Keep Your Estate Plan Flexible

Flexible estate plan

As with many things in life, flexibility is vitally important when it comes to your will and estate plan. Death is something that is unpredictable and which sometimes takes us by surprise. With the potential for uncertainty present, an estate plan should acknowledge this by allowing as much flexibility as possible.

If you're in the process of drawing up an estate plan, or you will be in the near future, there are some things you should know. Read this blog to learn different ways to keep your estate plan flexible

 

Why an Estate Plan Should be Flexible

 

At the time of your death, your circumstances could be vastly different than they were at the time you drew up your estate plan. You might have a different amount of assets or money. You could have a completely different relationship with those named in your will.

For these reasons, flexibility is an important feature of any estate plan. There are several ways this can be achieved.

 

1. Trustee Appointments

 

Under the Manitoba trustee act, you can leave a provision in your estate plan that allows for the appointment of additional trustees, the removal of trustees or the replacement of trustees. In Manitoba, the removal of a trustee is possible without the need to replace them.

There can be several reasons removal or replacement might be required. Under the law, if the trustee has died, is convicted of a serious offence, is bankrupt, or wishes to stop acting, they can be removed or replaced.

 

2. Powers Available to Trustees

 

In your will and estate plan, you should specify a broad range of powers for your trustees to have. This will ensure you are covered in every eventuality.

It will give your trustees greater flexibility and the ability to take care of your estate in an effective and efficient manner. Failure to set out specific powers will result in your trustees only having access to the default powers as set out in the Manitoba trustee act.

 

3. Ability to Change Jurisdiction of Trust

 

It can be a good idea to include the power for trustees to resettle a trust in a different jurisdiction in your estate plan. If a beneficiary of a long-term trust moves to another jurisdiction, this will be a beneficial provision.

It can also, at times, be advantageous to move a trust to another jurisdiction for tax purposes. Again, it offers your trustees more options and greater flexibility.

 

Create a Future-Proof Estate Plan Today

 

Nobody can predict the future. When creating an estate plan, all you can do is try to make it as flexible and favourable as possible for your estate and its future trustees. If you're interested in drawing up an estate plan, call the team at Cassidy Ramsay today to see how we can help.

 

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