Why is Estate Planning Important

Nobody likes to contemplate his or her own death. Even when they do face this grim topic, many people tend to think only of how much they will be missed by their loved ones. They fail to consider how difficult it might be for their survivors to manage their estates, or what is going to happen to the family cottage after their death. Yet these administrative difficulties only add to the pain of losing a loved onefor those who survive the deceased.

By refusing to face up to the possibility of their own deaths, many people fail to plan for the continued care and support of their families in the event of their death. As a result of their untimely deaths, their children not only lose a parent, but also lose an important source of economic support. And, heaven forbid, what happens if both parents die at the same time?

On the less emotional side, consider how hard you have worked during your lifetime to build up that business, how long it took you to pay for that cottage, or how dedicated you were in putting monney into your RRSP, year after year, in contemplation of your future retirement. What would happen to all that if you died today? Would it all go to your spouse, your children, or the taxman? Do you know? Maybe not. Do you care? Probably.

You cannot remove the sorrow that others might feel at your passing, but you can reduce some of their misery by making sure that your estate is in proper order, which includes making sure that your loved ones are provided for financially after your death. Proper estate planning can also help preserve and protect your assets, to ensure that as much of your estate as possible passes on to your loved ones instead of to the taxman.

We are estate planners in Toronto, call us today at (905) 267-3217 to book a completely free, no obligation appointment in Toronto or any surrounding areas of your choice, to discuss your estate plan. You will only gain valuable knowledge and information, and all you can lose is 30 minutes of your time. Being financial planners in Toronto enables us to give you a personal one on one estate planning experience that you will not get anywhere else. Do what is right for your family!