Regardless of their marital status, age, or net worth, any individual can benefit from having an estate plan if an unexpected happens. Below are a few reasons why estate planning in Vancouver is important at any stage of life.

Plan Own Needs

The Estate planning process should be undertaken to determine who will make decisions on behalf of an individual if they cannot do so themselves. There can be circumstances where the person might become incapacitated or unreachable due to travel or other situations; a removable trust in such cases will hold assets for their benefits while the person is alive. The individual can name other people who will receive the property
after their death.

Incorporate Philanthropic Planning

Suppose the individual has philanthropic goals from a legacy, personal fulfillment, tax-planning, or general connection perspective. In that case, an estate plan can help the individuals to meet their objectives. Going through several plans allows the person to choose a charitable cause, select the assets they want to give, and determine the best way to make their gift.

Protect Family Wealth

Several wealth transfer strategies come with wealth protection benefits and can be an important thing to consider for affluent families. Insurance, asset ownership, limited liability entities, asset protection, and irrevocable trusts are different methods designed to protect the assets from creditors in cases of lawsuits and claims.

Prepare Future Generations To Receive Health

Preparing the rising generation to receive wealth is quite helpful in preserving family wealth in the long run. Developing an estate plan is a good opportunity to facilitate conversations about wealth, establish wealth planning goals, educate children about financial concepts, etc.

EndNote

Estate Planning in Vancouver can be a daunting task, especially if starting from scratch. One can hire an estate planning attorney who will assist the person in developing several documents, thus ensuring peace of mind about their financial affairs.


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