What is estate planning? Hint: it’s a lot more than just making a will
Did you know that over half of Canadians don’t have a will? And that number jumps to 70% for younger Canadians (aged 18-34) and 66% for those aged 35-54. This is even more surprising given that almost 60% of Canadians think they have a good level of estate planning in place.
Many Canadians who do have a will are only scratching the surface of truly comprehensive estate planning. So, what is estate planning, exactly? Regardless of your age or financial situation, a key purpose of estate planning is to help ensure that all of your final wishes are carried out, in the most tax-efficient way possible, and that your estate’s value is maximized. A will is only the beginning.
Let’s take a deep dive into the purpose of estate planning, what it entails and how it should be an integral part of your overall financial plan.