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.
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Presentation Transcript
Simple Wills Wills for Typical Situations With Ian Hull, Suzana Popovic-Montag and Jordy Atin
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
Client Infomation Fundamentals 1. Name 2. Gender 3. Citizenship Know your Client Obligations 1. Occupation 2. Contact Information
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
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
Other Information 1. Domestic Contracts 1. Advances/Loans/Gifts to Family
Surviving Spouse- Everything Absolute 1. Sole Estate Trustee 2. Confirm Registered Asset Beneficiary Designations 3. Personal Effects 4. RESP 5. Residue - 100% Absolute
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
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
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)
