Comprehensive Guide to Estate Planning for Various Family Situations

This comprehensive guide covers essential aspects of estate planning for different family structures and situations, including considerations for children from multiple relationships, foreign beneficiaries, special assets, client information requirements, and asset management strategies. It delves into the nuances of handling assets like real estate, registered assets, and life insurance policies, along with addressing domestic contracts and provisions for surviving spouses and adult or young descendants.

• Estate planning
• Family situations
• Asset management
• Beneficiaries
• Inheritance

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1. Simple Wills Wills for Typical Situations With Ian Hull, Suzana Popovic-Montag and Jordy Atin

2. Whats NOT Typical 1. Children from another relationship 2. Foreign citizen client 3. Disabled or estranged beneficiaries 4. Foreign beneficiaries 5. Gifts/loans/advances to family 6. Special assets a. Assets with special attachment b. Private corporations c. Foreign assets d. Partially owned assets

3. Client Infomation Fundamentals 1. Name 2. Gender 3. Citizenship Know your Client Obligations 1. Occupation 2. Contact Information

4. Family/Relevant People Information Who? 1. Current Spouse 2. Former Spouse(s) What? 3. Children 1. Age 4. Dependants 2. Disability 3. Estrangement/Relationship Where? Difficulties 1. Residency 4. Financial Management Issues 2. Citizenship

5. Asset Information 1. Real Estate 4. Personal Effects a. Ownership a. Single items of Value b. LTQ b. Special items c. Special Attachment 5. RESPs 2. Registered Assets 6. Life Insurance a. Beneficiary a. Policy Number Designations 3. Financial Assets a. Ownership

6. Other Information 1. Domestic Contracts 1. Advances/Loans/Gifts to Family

7. Surviving Spouse- Everything Absolute 1. Sole Estate Trustee 2. Confirm Registered Asset Beneficiary Designations 3. Personal Effects 4. RESP 5. Residue - 100% Absolute

8. Adult Descendants Only- Everything Equal 1. OK that Children receive inheritance immediately? a. If no, discuss Trust Options 2. Personal Effects a. Agreement of Children? b. Dispute Mechanism? 3. Residue - 100% Divided Equally Absolute a. Gift Over to Beneficiary s Issue 4. Estate Trustees - Children a. Residency b. Logistics c. Dispute Resolution d. Compensation

9. Young Descendants Only- Everything Equal 1. Future Children 2. Personal Effects 3. Home Trust 4. Residue - 100% Divided Equally - Trust a. Duration b. Mandatory Payments c. Gift Over to Beneficiary s Issue/Client s Issue 5. Estate Trustees 6. Guardians

10. No Descendants 1. Common Provision for both spouses 2. Spouse 1 s Beneficiaries? a. Gift-Overs 3. Spouse 2 s Beneficiaries? a. Gift-Overs 4. 50/50 split? 5. Estate Trustee(s)