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Many people associate estate planning as something they need to do later in life, after they retire, or the kids are grown. But regardless of your age, we believe putting an estate strategy in place is an important step to help make sure your family, financial and medical affairs are taken care of if something were to happen to you.
Your financial advisor can help by walking you through the process, helping prioritize your goals and working to coordinate your team of tax and legal professionals.
No matter what age you are, here are a few things you should think about when beginning to plan your estate.
Discuss your wishes for future medical care - It may be a difficult topic to discuss, but outlining your wishes for future care can make a big difference later for you and your loved ones.
A Health Care Power of Attorney (depending of the province, can be referred to as a Power of Attorney for Personal Care, Representation Agreement, Personal Directive, etc.) is a legal document that, among other things, allows you to set out your wishes regarding your medical treatment.
Consider a living trust - For individuals with potentially larger estates, relying strictly on beneficiary designations may be insufficient. You've worked hard to be able to live the life you want, which includes controlling your wealth. A revocable living trust can help you direct how you'd like your assets used or distributed during your lifetime as well as after you pass away. This control may be important depending on your personal and family situation.
Estate Administration Tax control may also become more important. In many provinces living trusts are also used as a way to bypass probate, which can save your family the time and expense of these public court proceedings.
These decisions can be complex, which is why we believe a team approach is best. Your Edward Jones Advisor can work with you and your team of legal and tax professionals to put a personalized strategy in place that meets the needs of you and your family.
Edward Jones, its employees and financial advisors are not estate planners and cannot provide tax or legal advice. You should consult your estate-planning attorney or qualified tax advisor regarding your situation.
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