Inheritance in real life: Am I too young to worry about a will and went bankrupt?

Financial Planners

With Succession’s final season in full swing, there’s no better time to think about real estate plans — even if your family isn’t at war over a media empire like Waystar Royco.

According to ETP Canada founder and senior real estate manager Debbie Stanley, a common misconception is that you have to be super wealthy to start thinking about property planning.

Broadly speaking, an estate plan consists of legal documents such as powers of attorney for both personal care and property, and your will. But Debbie Stanley, founder of ETP Canada and his senior estate administrator, would also like to include details about financial assets and end-of-life wishes.

So when is the right time to start estate planning?

“When people in their 40s, 50s and 60s asked us, we always said yesterday was the right time to execute on your real estate plans,” says tech-enabled real estate. Alexandre Gauthier, co-founder of payment platform ClearEstate, said. “But I’m second today.”

Stanley says the answer can be more complicated. “More importantly, what are your responsibilities and what is your life situation like?” she says.

For individuals in their 20s and 30s, it may be too early to start thinking about estate planning. , Stanley says it may be time for such individuals to think about estate planning in case something happens while she’s not living in the house.

“She may not have any assets, but it’s important to make sure her wishes come true.”

Apart from end of life wishes, these may include the names of the people who will take over her bank account and car.

“Without an estate plan, for argument’s sake, if she passes without a will, we’re going to follow the Succession Law Reform Act here in Ontario,” Stanley says.

If she is married and has no children, her parents are next in line.

According to Gautier and Stanley, the biggest mistake is not having a real estate plan at all. The second mistake is not forming a team for help.

“The internet is great, but it can be overwhelming, so try to use trusted sources that provide the best information for your particular location,” explains Stanley. “Think of it as the wheel of a bicycle and all the spokes on it, and the lawyer, the financial his planner, the accountant, the consultant, the property manager, balancing that wheel and putting together the whole (real estate) plan. I can.”

Finally, Gauthier urges Canadians to reassess their estate planning when they face major life transitions such as marriage, filing for divorce, and the birth of a child.

“Planning an estate or appointing a professional executor is one of the great acts of love.

join the conversation

Conversation is the opinion of the reader, code of conduct. Star does not endorse these opinions.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *