Managing Your Estate: 7 Tips

Managing Your Estate: 7 Tips

If you have yet to create an estate plan, now’s the time to start planning for your family. A detailed and well thought out plan ensures that you can provide the proper support and stability for your family once you pass. Without an estate plan, your wishes may not get carried out as you had intended, and the government may get to decide where your money goes. So the sooner you create an estate plan and start to manage it, the better. Here are seven tips we recommend you do to get your estate plan up and running and properly managed.

Take Inventory Of Your Assets

You’ll need to first take an inventory of all your assets. This includes your property, insurance policies, investments, and retirement savings. Knowing your total finances will help you decide who will inherit what assets.

Hold A Meeting With Your Beneficiaries

Your beneficiaries may have preferences. Some may prefer to receive property and some cash. To avoid any bad blood between kin, it’s wise to hold a family meeting so everyone can express their interests and any conflicts can be dealt with immediately.

Create A Will

A will describes exactly where you want your assets to go when you pass away. If you die without a will, it can lead to chaos amongst your family. In the will, you should outline who will inherit your assets, and who will handle your finances when you are no longer capable.

Organize A Third-Party Trustee

It’s recommended to appoint a third-party trustee who can promote your interests and mediate any issues if they arise. This is particularly useful if you have a second or third marriage and will need to distribute assets to your surviving spouse and children.

Address Personal Property

After you pass, there will likely be a number of personal items that you will leave behind. To avoid having your heirs fight over your belongings, make sure to leave a detailed list that dictates who will receive what.

Summarize Gifts And Loans

If you have loaned money to one of your children, you should adjust for this in your will. If you don’t address it, your other children may become upset. It’s best to summarize all the gifts and loans in your estate plan and keep it updated.

Include The Right Insurance Policy

Life insurance is an important part of your estate plan. It’s a way to provide support and expense coverage to your family. So it’s crucial to have the right insurance policy with applicable coverage that will ensure your beneficiaries are well taken care of into the future.

Once you’ve got your estate plan up and running, it’s important that you keep it up-to-date and current. If there are any major life changes like a divorce or property sale, you should immediately make the necessary changes to your will and insurance policy. When it’s time to manage your insurance policy, talk to us at Rowat Insurance. Our professionals can help you take control of your plan to ensure you have the proper coverages that will adequately provide for your family.

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.