Many people are of the mistaken belief that you have to be wealthy to consider estate planning. That’s not so because most people who are working and have any net worth should seriously consider setting up an estate.
There are many positive reasons you should do so to ensure that your assets will be appropriately distributed to the people you want to be in receipt of your assets.
And, estate plans don’t have to very complicated either.
But, before you do you should either talk to an attorney or financial adviser who specializes in estate planning, or do some research on your own and become familiar with provincial laws that govern estates.
If you don think you should bother with estate planning, then sit back and start by listing your assets such as:
·         Any investments
·         Bank accounts
·         Retirements saving plans
·         Insurance policies
·         Your home or other real estate
·         Any business interests
If you have any or some of the above then you should consider planning your estate.
A basic estate plan consists of the following;
·         A will
·         Assignment of Power of Attorney
·         Living Will or Health-Care Proxy (Medical Power of Attorney)
·         Trust (Not applicable in all cases)
Putting together an estate plan consists of asking yourself 3 basic questions which include:

• Who is to inherit your assets?
• Who will handle your financial affairs if you’ve become incapacitated?
• Who will make medical decisions for you if you can’t make them for yourself?

An estate plan makes sense for most people and there are lot things you should know about that can have significant tax ramifications down the road for your loved ones. Talk to an estate lawyer of financial adviser and protect your loved ones before it’s too late.

For more information visit http://AndrewWBradley.ca