Unity Credit Union Limited

Estate Planning

Why do I need an Estate Plan?

An estate takes a lifetime to create. Estate planning is the process, which allows the assets in your estate to be distributed to your beneficiaries according to your wishes in a timely, orderly and tax-efficient manner.

Don’t plan your estate and:

The provincial law will decide how your estate will be divided.
Some of your assets may be overlooked in the administration of your estate and be lost to your beneficiaries.
It could cause disputes over inequitable distribution of assets among the beneficiaries.
It can increase your final estate costs, such as Probate Fees.

Having an up-to-date estate plan with a valid will helps to ensure that your dependents and heirs will be provided for according to your wishes

10 Reasons To Have An Estate Plan

Provide adequately for your spouse and dependents.
Distribute assets according to your wishes, not the courts.
You choose the guardian for your minor children, not the courts.
Appoint your own power of attorney to manage your affairs.
Reduce or defer taxes.
Reduce probate, legal and executor fees.
Provide funds for all final expenses and liabilities.
Decrease the time and potential problems to settle your estate.
Pass your business to your spouse, children or other party.
Gift money or assets to a charity of your choice.

What is involved in an Estate Plan?

There are a number of factors that need to be considered when planning an estate:

What do you own?
What do you owe?
How are your assets registered?
Who will act as executor(s)?
Who will be legal guardian to your children?
Who will inherit your assets?
How will your assets be distributed?

These are only a few of the questions that you will have to ask yourself when planning your estate.

The preparation of a legal will is the most important component of Estate Planning. A will is a legal document prepared by either you, or a lawyer acting on your behalf, which states how you would like your assets distributed after your death. You can rewrite or amend your will at any time.

For more information, contact:

Scott Smith, CFP at 306-228-4515 Ext. 231 or email scott.smith@unity.cu.sk.ca

Credential Financial Strategies Inc.

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