A lot of times people don’t realize many assets aren’t going to be directed by their will but by joint tenancy and beneficiary appointments
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He says clients who own corporations or small family businesses need to think about personal and business assets and their associated tax consequences on death. Another issue is figuring out how to treat family members who don’t get an interest in the business fairly via estate bequests or life insurance.
Aaron Hector, certified financial planner and private wealth advisor at CWB Wealth Management Ltd. in Calgary, says his role is to create clarity so clients truly understand their current investment and pension statements, as well as their insurance policies, and what the effect will be upon their death.
For all the assets, it shows whether assets transfer tax-free, or the specific tax liability and probate owed. Joint accounts can also be an acrimonious issue if, say, one heir has an account with a now deceased parent. Having documentation of intent goes a long way to explain to all heirs whether that money was intended for the one heir or to form part of the estate, Mr. Hector says.Mr. Hector doesn’t put much credence into a client’s verbal discussions of workplace or other entitlements and insists on reviewing their actual statements.
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