Estate Planning

Plan your legacy and you will live forever

Estate planning is a process of great importance. It involves your assets and all the various forms of ownership and title that those assets may take. It involves people - your family, other individuals and in some cases charitable organizations of your choice. As you plan your estate, you will consider:

• How your assets will be managed for your benefit if you are unable to do so?
• When certain assets will be transferred to others, either during your lifetime or sometime after your death?
• To whom those assets will pass?

A sound estate plan is not only a ‘will’ – it encompasses financial, tax, medical and business planning .It incorporates real estate, insurance, investments, bank accounts, stocks or bonds, gold, jewellery, or any other asset that is of high value and quantifiable. Absence of estate planning or inadequate attention to the subject can result in disputes and a chaotic situation for the existing family members.

When a person dies without a Will, or dies “intestate”, as the law calls it, the property of the deceased is distributed according to a formula fixed by law. In other words, if you do not make a Will, you do not have of any say as to how your property will be distributed.

An ” Estate” applies not just to real estate, but any cash in a bank accounts, cars, furniture, books , bonds, jewelry, family heirlooms, works of art…any property anything at all owned by you.

A will should be made while the maker is in good health, free from emotional stress. A prudent person does not wait for a catastrophe or other compelling reason before making a decision. If you have children and you and your spouse dies, do you want to name the guardian of your children, or do you want the court to appoint one? If you do not have a Will, the court, by law, will appoint the guardian.

Please email us on justwills@goodwillinsurance.com