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Key Components of Estate Planning
The key components of estate planning include a collection of documents such as a will, guardianship designations, healthcare power of attorney, beneficiary designations, durable power of attorney, and a personal property memorandum. Life insurance can also play a key role in estate planning by providing tax-free death benefits to beneficiaries. According to one professional, the three basic components of estate planning are a will or trust, powers of attorney for financial and healthcare decisions, and beneficiary designations. A good estate plan should also include an inventory of assets and debts, instructions for distribution of assets after death, and plans for incapacity or disability.
Estate Planning in Canada
Estate planning in Canada is a multi-step process that may involve consultation with various experts such as legal, tax, and insurance professionals. Some key components of estate planning in Canada include an executor, financial power of attorney, power of attorney for healthcare, estate planning lawyer, accountant or tax-planning specialist, financial planner, wealth management advisor, and insurance specialist. Taxes and fees are also important considerations in estate planning in Canada.
Campbell Firm specializes in providing a unique will drafting experience. We start with a financial breakdown, where we provide a picture of the overall value of your estate. From there, we make decisions on the best way to draft any of your estate planning documents: Wills; Power of Attorney for Personal Care; Continuing Power of Attorney for Property; and even trusts.
At Campbell Law, the options for effective estate planning are endless.