Estate planning is not just for the wealthy or the elderly. It’s for everybody.
With this year’s Make a Will Week running from Oct. 2-8 in B.C., both the provincial government and the team at Richmond-based law firm, Kahn Zack Ehrlich Lithwick LLP (KZEL), want to remind everyone that wills aren’t strictly for seniors to think about.
“The key is to plan today for tomorrow so that you can retain more of your assets and leave a lasting legacy for your family and designated beneficiaries,” says Angela Folino, partner at KZEL.
Preparing ahead of time can also minimize the amount of taxes, administrative costs, and court and legal fees that your estate will have to pay after you pass away. The goal is to leave your beneficiaries (including your spouse and children) with as many of your assets as possible once those costs and fees are paid.
With a focus on estate planning, incapacity planning and estate administration, KZEL’s Wills, Estates & Trusts team can help you organize your assets to be transferred to your loved ones as seamlessly as possible upon your death, and to ensure that you are properly protected in the event that you become physically or mentally incapable of managing your own affairs and finances.
Your assets are the things that you own, including money, life insurance, pensions, real estate, automobiles, personal belongings and even debts owed to you. The focus of estate planning is to preserve those assets in order to protect you during your lifetime and your loved ones after your death.
It’s certainly a lot to think about, and KZEL hopes to remove some of the headache behind this overwhelming process by working closely with you, your tax advisors and any other necessary professionals to get you results that are consistent with your objectives and needs.
One of the benefits of making an estate plan now is to give you peace of mind. To you, this peace of mind might mean that you have made a plan to ensure that you have sufficient financial resources in place for your retirement. It might also mean that your estate plan will give you comfort in knowing that your wishes will be carried out with respect to how your property will be distributed after your death.
At KZEL, the team makes solution-oriented, face-to-face service and compassion a priority.
They assist with all things concerned with estate planning, including creating wills, powers of attorney, and representation agreements. They can also advise executors and beneficiaries on their rights and obligations, as well as the procedures that need to be followed after a will-maker dies.
And the first step is as simple as meeting with a member of the KZEL team.
While it might seem like an overwhelming task to check off of your list, KZEL is there to help make the process as simple as possible for you. When you meet with one of Wills and Estate Planning team members, they will talk to you about the information that they need, to formulate a plan and draft estate planning documents.
Once the documents are prepared, you will have an opportunity to review them and for your lawyer to address any questions or comments that you may have.
If you’re interested in planning ahead with KZEL, visit the website. You can also stay connected with KZEL through Twitter, Instagram, Facebook and LinkedIn.
