Step 1: Understanding your Legacy Wishes
We start by reviewing your current legacy goals that you have and and review your current will, if you have one. We understand that everyone has unique wishes when it comes to the distribution of their assets after their passing. We will work with you to determine whether your wishes are reflected in your estate plan.
Step 2: Gather Information on Assets and Liabilities
Next, we gather the most up to date information on your current assets and liabilities. We understand that it can be overwhelming to keep track of all of your assets, and we are here to assist you in gathering and organizing the necessary information.
Step 3: Review Current Beneficiary, Executor, Power of Attorney and Trustee Designations
Certain assets can have named beneficiaries and pass outside of your will. We will review the current beneficiary and successor annuitant designations of registered accounts. This helps to ensure that the assets are distributed according to your wishes, as well simplifying the settlement process for your executors. Furthermore, we will review your designations for executors and trustees and inform you of any potential challenges that may arise in the future.
Step 4: Consider Any Assets That May Require Special Attention
For example, If you own a business, you will need to put a plan in place for the continuation of the business after your passing. We understand that business assets may require special attention, and we will work with you and your lawyer to ensure that your estate plan includes a plan for your business. Other special considerations may include foreign property ownership All of these can add complexity to your estate and special attentions must be placed on it.
Step 5: Consider Tax Implications
Finally, we will consider the tax implications of the current strategy and ensure that it can be properly addressed. We will work with you to minimize taxes and probate where possible while ensuring that your heirs receive the maximum benefit.
