What is estate planning?
Estate planning is the process of ensuring that your wishes, concerning your belongings and finances, health care and charitable donations, are all carried out, and in the most tax-efficient manner possible, both while you’re living and after you pass away.
While estate planning includes making a will, it can also involve naming beneficiaries and trustees, drawing up powers of attorney, business succession planning, and using strategies that will reduce the tax burden on your estate and your loved ones. Everyone should have an estate plan; it’s not just for very wealthy people.
Why is estate planning important?
It helps ensure that your money, belongings and assets are all distributed according to your final wishes. A comprehensive estate plan will help you to:
Estate planning can be complex. A good estate plan will incorporate these complexities and help ensure that your loved ones inherit your assets in accordance with your wishes.
Careful estate planning can help maximize the after-tax value of your estate (and having sufficient insurance can cover any potential taxes owing).
Having a power of attorney can help maintain control of your assets and health care when you’re no longer able to make those decisions for yourself.
How can an IG Advisor help you with estate planning?
Your IG Advisor will incorporate your estate plan into your overall financial plan. They’ll consider every aspect of your financial life and make estate planning suggestions, such as:
Estate planning as part of your IG Living Plan
Your IG Advisor will begin with an in-depth discussion to explore the size of your estate, your beneficiaries, your family situation (blended families often have more complex estate plans) and your succession plans if you’re a business owner. If needed, they can lean on the experience of our tax and estate planning team to provide advice on more complex issues.
Estate planning frequently asked questions
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Connect with an IG advisor to uncover your personal financial goals, and how you can achieve them.