Author Archives: formalwill.ca

Inheritance can be a tricky issue. Leaving behind money for your loved ones can be a great way to ensure that they are taken care of after you are gone. However, there are several important things to consider when planning your inheritance. Here are our top seven tips: 

1. 1. Make a Will: The most important step in leaving behind a set amount of money is to make a Will. This ensures your assets are distributed according to your wishes.
   2. Review your Will regularly: Your Will should be reviewed consistently to make certain that it reflects your current wishes and that it complies with local laws. 
   3. Consider creating a trust: Trusts can be a great way to protect your assets. A Trust is a written document providing that property be held by one (the “trustee”) for the benefit of another (the “beneficiary”). 
   4. Communicate with your loved ones: It is important to communicate with your loved ones about your plans. This will help to avoid confusion and disputes after you are gone.
   5. Consider tax implications: Your inheritance may be subject to taxes. It is important to consider this when making plans.
   6. Review your beneficiaries: Make sure that your current beneficiaries are up-to-date. Also be sure to name backup beneficiaries in case one of your primary beneficiaries predeceases you.
   7. Review your insurance policies: Make sure that your insurance policies are up-to-date and that they provide adequate coverage for your loved ones.

Leaving behind an inheritance for your loved ones is an important step in ensuring that they are taken care of after you are gone. However, there are several important things to consider when planning your inheritance, such as creating a Will, communicating with your loved ones, and consider the tax implications. Follow these tips to  ensure that your money is properly distributed. Do you need more tips? Checkout our Knowledge Centre for more information.. 

We have written a lot about the importance of Wills and estate planning. Estate planning typically involves creating a number of legal documents  (Will and Testament, trusts, powers of attorney, documents and healthcare directives). But estate planning is also the process of organizing and managing your assets during your lifetime and determining how they will be distributed after your death. It involves making decisions about things like who will inherit your assets, who will manage your affairs if you become incapacitated, and how your assets will be used to provide for your loved ones. These documents allow you to specify your wishes and appoint individuals to carry out your instructions. It is obvious as to why estate planning is important, but many people do not properly plan out their estate or their Last Will and Testament. If ordinary people are not properly planning out their estate, you can imagine the mistakes that celebrities make.

Here are some major mistakes celebrities make when it comes to estate planning: 

1. The most glaringly obvious one is to not have a Last Will in place. What happened when Jimi Hendrix died? What happened when Prince died? What happened when Amy Winehouse died? Everything was a legal mess. 

2. To create a letter of wishes for your Executor. This  makes sense, because you do not want a letter to contravene the wishes in your Last Will. You want to have everything carried out in your Last Will and Testament the way it is written. 

 3. Pick a great choice for Executor. You probably don’t want to be the type of person who leaves everything to their butler (one celebrity made that mistake). 

 4. This is a no-brainer, but tell your Executor where your Will is stored. Yes, it sounds obvious, but Olympian Florence Griffith Joyner did not do this when she passed away. You can read more on that here. 

Keep all of the above in mind when planning for your estate and creating your Will.