Who is going to benefit from your estate which would include your business and other investment assets?

Have you ever had the thought (fleeting or otherwise) when you were so upset with your children and their behaviour that you swore that all of your hard earned assets would not be bequeathed equally to them?  This does happen.  An article was recently written in the Globe and Mail which outlined some of the pitfalls and issues around this topic.  Be forewarned that you should seek good advice before you embark on this potentially divisive and perilous (read litigious) journey.

The article is here:    Children and inheritances link

What can you do if you plan not to distribute your estate equally amongst your children and beneficiaries?

 

  • quantify your estate and estimate your potential estate tax
  • determine who you would like to benefit from your estate
  • get qualified legal advice from someone experienced with estate law in your province and get input on whether or not or how your wishes can be met within your will
  • draw up your will and ensure that it is legally enforceable.

 

The process of drawing up your will can be more complex if your children are minors.  As a parent, you have some responsibility to your minor children. In some provinces, you have a responsibility to your children even if they are not minors.

Learn, think, apply!