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Retirement Advice

Estate Planning 101

Estate Planning 101

Retirement is a time to relax and enjoy life, but it’s also a time to make sure your estate is being properly managed. And if you want your legacy to live on after you’re gone, you need to do some planning first. Estate planning is the only way to ensure that your goals are on track and that your legacy is safeguarded after death. Here we’ll show you everything you need to know to put a well-structured estate plan in place that will ensure your wealth is passed down to your family in a way that you intend.

Distributes Your Legacy

Your money, assets, investments and businesses are all part of your legacy. If you don’t put a clear plan in place, these can get distributed to the wrong people when you pass away. Having a will is not enough – you need clear instructions and planning that goes beyond one document to keep your legacy alive and as intended. An estate plan is the only way to ensure that your legacy is distributed in a way that you wish, and that it doesn’t end up in the wrong hands.

Protects Your Family

When your income supports your family, you want to make sure that they are still supported after you pass away. Creating an estate plan will provide proper financial stability for your family long after you’re gone.

Eliminates Financial Burdens

A sudden illness or incapacitation can leave your family with some difficult decisions regarding your care. Some families experience serious financial pitfalls in these types of situations – something no one wants for their kin. An estate plan helps to eliminate these circumstances and spells out your instructions on how your medical care should be received when you can’t provide them yourself.

Reduces Probate and Taxes

There are a number of fees that exist after death. Probate fees and taxes can really eat up your savings if you don’t have a proper plan to deal with these. A financial expert can help you set up a plan that reduces any fees that could impact your legacy.

Gives You Insurance

Life insurance is present in nearly every estate plan. It helps to pay off the funeral, any debts, the mortgage, and also serves as a support of income, education-expense coverage and support to your family. It’s also one of the few assets that can be transferred to your beneficiaries, tax-free.

Talk to one of our advisors today to find out what type of insurance is best for your estate plan. At Rowat Insurance, we want you to enjoy your retirement with the least amount of stress possible. Setting up an estate plan now will ensure that your hard-earned money, savings, investments, and assets are distributed to the right people and that your family is fully supported well into the future. Contact us today, and we’ll help you get on the right track before it’s too late.

Rowat Insurance

Insuring Ontario and Quebec since 1955. Trust Rowat Insurance Brokers to look after your home, auto, business and life insurance needs. We always guarantee fast, friendly service and highly competitive premiums. As brokers, we are entirely independent from Insurers and Financial Institutions; we will work with you to analyze and advise on risk, and customize the coverage that is right for you.