Wills and estate planning is really important for a farm. A good Will spells out what happens to the things you own when you’re gone. Without one, others decide how your wealth and property are divided. This can cause family feuds and bitterness.
This is an important consideration for both owners and successors. It’s not just an issue for older people but for anyone who owns things of value, and anyone who wants to make sure their loved ones are cared for after they’re gone.
The Big Three
The three things you should have as part of your will and estate planning are:
A will that is well thought-out and up-to-date to arrange for the distribution of your assets on your death.
A Power of Attorney to appoint someone to manage your financial affairs when you are not able.
A Personal Care Directive to appoint someone to make your health and personal care decisions when you are not able.
Although these are the three main documents generally implemented for estate planning, depending upon your needs advanced estate planning may be more appropriate which could include implementing trusts (including to minimize probate taxes or for disabled children), implementing other strategies to minimize income tax on and after death, or planning for assets owned outside of Canada.
