Finance Wills and estate planning As the saying goes, there are only two things that are certain in life: death and taxes. Interestingly, both of these can cause significant financial stress. Unfortunately, we don’t have a whole lot of control over the stress which the government might impose upon us with tax rates. We do, however, have the power to get rid of the financial stress that surrounds our eventual demise. Once again, this stress is understandable. Estate planning is complex and multi-faceted, and often requires outlay of time, effort and money (for legal advice). And let’s face it: very few of us enjoy contemplating our mortality. So, many of us put the task of estate planning off for another day. And another. And another. The result of all this procrastination is more stress. To get out of this “stress spiral,” it makes sense to break the task down into simple steps. No matter what your personal circumstances, no matter how big your estate, your estate plan will likely cover the following points: Will – an official legal document that outlines what you’d like to do with your assets – who gets what, and how much, and in what way. Executor – the person (or professional company) that will act as a “manager” for your assets and make sure that they’re distributed to your heirs. SNOWBIRD CAR GO FLORIDA Retired airline pilot offering door-to-door personalized concierge service between Toronto and Florida for a flat rate. SERVING THE G.T.A. Private Chauffeur Services Available For peace of mind call: 1-647-334-5601 www.snowbirdcar-goflorida.com Power of Attorney – a document that provides instructions regarding your financial matters in case you lose mental capacity. Charitable giving – a plan for making a donation or bequest or endowment to specific causes or organizations which you care about. Communication – an essential element of any good estate plan, and one on which a lot of people fall down. By letting your family members and other heirs know your estate intentions, you can sidestep misplaced expectations, address potential conflicts and deal with potential problems before they happen. By breaking the process down step by step and getting expert professional advice, you can simplify this complex task and minimize (and hopefully eliminate) the financial or family stresses which can crop up when we leave a big responsibility hanging over our heads. A final word about financial stress ... Fact: stress will always be a part of our lives. But this doesn’t mean that we have to simply accept money worries as natural. If you still feel overwhelmed or troubled about your finances, seek some professional help – from an accountant, a financial advisor, a credit counsellor. With help from an experienced professional, you can eliminate financial stress and regain the feeling of empowerment and control that is the best part of putting our financial house in order. CSANews | FALL 2023 | 29
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