Benefits Of Doing Estate Planning Early

You don’t need to wait until you are ready to retire to do estate planning in Vancouver. This can benefit anyone, even if you are still building your wealth and assets. Hire someone experienced in estate planning in Vancouver such as ZLC Financial and get it started right away. Here are the benefits that you can get:

 

1. It gives you a lot of peace of mind.

 

Everyone will eventually due. It’s just a matter of when. It could be when you are in your senior and retirement years or it could be tomorrow. Nobody really knows for certain. This is why it’s better to be prepared than sorry.

 

You can reduce your risks by getting estate planning in Vancouver. It’s not for you but for the family you will leave behind. If you care about them and you want them to be settled when you are gone, you should create a will and plan your estate.

 

2. You can come up with effective strategies to reduce tax obligations.

 

Estate taxes can be brutal. If you don’t start planning to reduce your estate taxes, your surviving family members could end up not getting the biggest portion of the estate.

 

There are a lot of ways to reduce taxes. You can put some of your assets into a living trust. Trusts are not taxable but you can appoint beneficiaries. You can also give some of your assets as a gift.

 

3. It gives you a chance to consider business succession.

 

Do you have a business? What will happen to it in case you are gone? According to studies, when business succession is not planned properly, it could end up failing as soon as the new owners enter.

 

You can prevent this by planning for the business succession early and training the people who will replace you in case you are no longer there to oversee the business.

 

4. You can create a power of attorney.

 

A power of attorney is useful when you are still alive. It allows you to appoint someone to handle your financial affairs and make decisions on your behalf. For instance, if you are abroad and need to make business decisions or withdraw money from your bank account, the person you appointed could do these legally.

 

5. You can make medical care stipulations.

 

It allows you to include healthcare directives. Do you not want to be revived when you flatline? Do you wish for your organs to be donated when you die? Who will make decisions on your behalf if you are incapable of doing so? These things will help relieve your family of the burden of deciding for you.

 

ZLC Financial can help you create a solid estate plan that will benefit you and your entire family.

 

Matt Knowles is the author of this article. To know more about Employee Benefits in Vancouver BC please visit our website: zlc.net