Estimated reading time: 40 seconds

I was a guest speaker last month at a Toolbox Seminar hosted by Toronto-based lawyers Gardiner Roberts LLP.

My presentation "Creative Uses of Life Insurance in Family Business Buyouts" was attended by a few dozen lawyers, accountants and other planning professionals.

Everyone agreed that big or small, no matter how simple or complex an estate may be, it’s impossible to overstate the importance of having a current and up-to-date will and two powers of attorney as the foundation for the planning.

I am no longer surprised to meet very successful people with great wealth and no current will.

They often have an outdated will that was prepared during a previous relationship/marriage or before all their children and grandchildren were born.

A survey of 544,000 Canadians with assets exceeding $1.5 Million revealed that only 40% had a will and 80% of those wills are not up to date.

Little known fact: When a person dies in Ontario without a will (“intestate”), their assets will be distributed as follows:

If they are survived by a spouse and no kids, the spouse takes it all.

If total assets are less than $200,000, even with kids, the spouse takes it all.

Where total assets exceed $200,000, with one child, the spouse gets $200,000 and half of the residue.

Where total assets exceed $200,000, with more than one child, the spouse gets $200,000 and one third of the residue.

Please read my earlier blog posts on this subject, here, here and here.

My article published last month in the TaxLetter® describes challenges in family business succession and explains how to ensure healthy family dynamics while preserving wealth when the founder is no longer around.

Read it here.

Don’t plan alone. Beware of doing it yourself. Get help from an experienced financial advisor, it won’t cost more, and will actually save you money giving you real protection and the peace of mind that you deserve.

Start your estate planning now while the sun is shining or get a no-obligation second opinion on your current situation.

Need help? Contact us now to get started – my team of advisors across Canada is available to help. Call me toll-free at 1-866-566-2001 or send an email to info@illnessPROTECTION.com

I look forward to helping you and your family.

Stay healthy