Those of us who work in the Estate Planning field have a pretty good idea of what the term means, but I often wonder whether non-specialists have a clear grasp of what the process should involve.
There are myriad definitions of Estate Planning. The collection of preparation tasks that serve to manage an individual’s asset base in the event of their incapacity or death – www.investopedia.com; The process of preparing one’s assets for one’s death – www.thefreedictionary.com; The process of anticipating and arranging for the disposal of an estate – www.wikipedia.org
Whatever definition you prefer, you need to know that estate planning is more than just “making a Will”. There are many other key elements, including: Continuing Powers of Attorney for Property, beneficiary designations, joint registrations, inter vivos trusts, selecting the right executor, probate and tax planning – all working together to create an integrated plan. And, it’s important to keep in mind that a change to any one of these components can affect the entire plan.
Stay tuned to All About Estates to learn more about the value of integrated planning.
Thanks for reading.
Elaine Blades, Scotia Private Client Group