A last will and testament is a legal document that names the beneficiaries who will inherit your assets when you die. Here’s what to know about the pros and cons of making a will online, the cost and what to include
● Comprehensive advice ● May be able to help minimize taxes● No professional or tax planning advice● No guidance on how to fill it out● Can’t be easily updatedSome people think if they die without a will – called– their estate will automatically go to their spouse, children or next of kin. The truth is your estate might eventually go to those people, but that depends on the legislation in your provincial jurisdiction.
To make matters more complicated, the rules vary greatly between jurisdictions. For example, the statutes in some provinces dictate that if the deceased has no will, a common-law partner may inherit a significant portion or all of the estate, while in other provinces a common-law partner is not entitled to receive anything at all.
All this decision-making by the courts takes time and money, which erodes the value of the estate – and keeps assets out of your loved ones’ hands for longer than necessary. Furthermore, theWhat’s the difference between a will and life insurance?may both be parts of an estate plan, they are different things with different purposes.provides beneficiaries with a tax-free lump-sum benefit upon your death.
Because the death benefit is paid out tax-free, some people also use life insurance as a method to pass along wealth to the next generation in a tax-efficient manner. Furthermore, because the life insurance death benefit goes directly to the beneficiaries named on the policy rather than becoming part of the deceased’s estate, probate fees are avoided. Of course, the cost of life insurance goes up as you age, so those costs must be weighed against any potential tax savings.
If you don’t have dependants but are worried about family or others having the financial burden of paying for your funeral, you can make and pay for those arrangements in advance, which is likely far more cost effective than life insurance.Offers wills, powers of attorney and living wills;Serves those with non-complex estates in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Quebec and Saskatchewan.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Opinion: Israel needs to learn the right lessons from Canada’s legal reformsThe supporters of Israel’s controversial legal changes are wrong in making comparisons with our notwithstanding clause, but the Canadian experience can serve as an important comparison
Read more »
Newfoundland and Labrador 2023 Canada Winter Games results, Monday, Feb. 20 | SaltWireNicholas Mercer The Telegram nicholas.mercerthetelegram.com The 2023 Canada Winter Games are underway in Prince Edward Island until March 5. Here's a ...
Read more »
Inflation expected to take small dip as Statistics Canada releases January inflation data TuesdayA survey of economists found January’s numbers will likely be 6.1 per cent higher than at this time last year. That’s down slightly from the 6.3 per cent year-over-year inflation seen in December.
Read more »