Recent statistics show that half of Canadians have a will, which means many people in Canada are left without proper estate planning.
Filing estate planning documents means there will be no question about how things become settled once you pass away. Why risk the consequences of not preparing an estate plan while young? Starting estate planning early is beneficial for several reasons, including protecting your assets and choosing who will make medical decisions.
Here is more on why you should start preparing an estate plan early.
You Need to Protect Your Assets
What is estate planning, and what are its primary functions?
You want to protect your assets, including your home, retirement savings, and business interests. Unfortunately, if you pass away without a will and trust young, a court may decide instead of you.
Estate planning puts everything in writing regardless of how simple or complicated your assets are. You can pick an estate administrator to handle your estate when you are gone.
Things become more complicated when there are second homes or an established business. If the family owns it, how will it be split? If you pass away, what happens to a business partnership?
A legal team can help you set a plan in motion so your loved ones can avoid any problems or issues with your assets once you pass away.
Choose Who Makes Medical Decisions on Your Behalf
Who will make those decisions for you if you fall ill and can't make your medical decisions? It is one of the key reasons people ask, "What is estate planning?"
A lawyer can help you decide your next steps. Some Canadian provinces have an independent body to determine your future, should there be no estate administrator. With euthanasia legal in Canada, your family needs to know in writing.
Why make it complicated?
Organize your wills and trusts to make decisions about feeding tubes and surgery. Having these wishes planned out will make it easier on your family, rather than avoid having them agonize over these decisions.
It Gives You Peace of Mind
Estate planning gives your family and loved ones peace of mind. When you pass away, there are no decisions left to make. Planning your funeral, final arrangements, and your entire estate is already done.
It also means fewer family squabbles. Since you have already decided on your assets or belongings, your family will have to accept your wishes.
Begin the Estate Planning Process Today
Several reasons to establish estate planning early include protecting your assets, making medical decisions, and giving family members peace of mind. Putting a plan in motion is essential, so your family knows your wishes when you are gone.
Reach out to the Cassidy Ramsay team for help with estate planning at an early age. We will provide advice and the correct paperwork to make the necessary estate planning decisions.