The Rural Voice, 1999-01, Page 36COMMITTED TO QUALITY YOU CAN DEPEND ON
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SALES • RENTALS • ATTACHMENTS • SERVICE • PARTS • FINANCING
32 THE RURAL VOICE
An estate plan brings together a
number of elements. Typically, these
include a will, tax planning, life
insurance and power of attorney.
Depending on your personal
circumstances, there may be others—
such as the transfer of ownership of a
business.
Distributing your assets according
to your wishes: An estate plan is
crucial to ensure that your assets are
distributed to family members
efficiently and according to your
wishes. A properly drafted will is the
cornerstone of your estate plan. It' is
the legal document that provides for
the distribution of your wealth.
Providing income for your
dependents: Your will ensures the
distribution of investment assets in a
manner that will help provide income
for your family after your death.
Proper life insurance coverage can
supplement this income and make up
for any shortfalls that will threaten
your family's standard of living.
Reducing taxes: An estate plan can
minimize taxes incurred as a result of
the transfer of assets by properly
structuring those assets or their
ownership while you're alive.
Although there are no "death
taxes" in Canada, your capital
assets will be deemed to have
been disposed of at your death for tax
purposes. This can result in
capital gains taxes.
Also, probate fees and other tax
liabilities can be incurred at your
death. There are ways to reduce these
liabilities. Setting up trusts to transfer
ownership of assets is one example,
although you should speak with a
professional before doing so, as trusts
are designed to meet a very specific
need.
Handling your affairs if you are
incapacitated: If you become
incapacitated and unable to manage
your financial affairs while you're
alive, a power of attorney can give a
spouse, friend, relative or a trust
company the power to manage your
finances and other affairs. This will
ensure that your affairs are looked
after according to your objectives.
Now consider what might happen
without an estate plan. Provincial
legislation will determine how your
assets are divided — which may have
little to do with your wishes. Your
wealth could even end up in the