Financial Plans
The Importance of Financial Planning
Financial planning encompasses key elements such as creating a Will, establishing trusts, and organizing your assets. Together, these components protect and manage your assets during your lifetime and ensure they are distributed according to your wishes after your death.
Creating a Will
A Will is a vital legal document that specifies how you want your assets and belongings distributed after your death. It allows you to:
Establishing Trusts
Trusts are legal arrangements where a trustee—someone you choose—manages your assets for the benefit of specific individuals (beneficiaries) according to your instructions. Trusts can serve various purposes, including:
Organizing Your Assets
Organizing your assets involves aligning them with your financial goals and ensuring efficient management. This includes:
Estate Planning
Estate planning goes beyond the basics of asset distribution. It involves creating a comprehensive plan for how your assets will be preserved, managed, and distributed after your death. Additionally, it prepares for scenarios in which you become incapacitated and can no longer manage your own affairs.
By addressing both asset management and financial obligations, estate planning provides peace of mind for you and clarity for your loved ones
Resources:
The Centre for Public Legal Education Alberta (CPLEA) provides clear, accessible information about the law to Albertans. Through resources like websites, publications, presentations, and Q&A services, CPLEA helps people make informed decisions in their daily lives. Their multidisciplinary team, including lawyers, librarians, teachers, and web specialists, collaborates to create educational tools and strategies that empower Albertans to understand and navigate legal issues.
The GRIEF Plan is a comprehensive, low-cost, all-in-one package that includes estate planning, a personal directive, will, and financial preparedness options for anyone. They base their thorough assessment on personal and tax information. They also provide tax services for the deceased including estate taxes and probate work which is the filing of paperwork with the courts to unfreeze an estate.
Financial planning encompasses key elements such as creating a Will, establishing trusts, and organizing your assets. Together, these components protect and manage your assets during your lifetime and ensure they are distributed according to your wishes after your death.
Creating a Will
A Will is a vital legal document that specifies how you want your assets and belongings distributed after your death. It allows you to:
- Designate beneficiaries to receive specific assets.
- Appoint guardians for minor children.
- Include instructions for funeral arrangements, if desired.
Establishing Trusts
Trusts are legal arrangements where a trustee—someone you choose—manages your assets for the benefit of specific individuals (beneficiaries) according to your instructions. Trusts can serve various purposes, including:
- Providing for minors until they reach a certain age.
- Supporting individuals with disabilities.
- Controlling how and when beneficiaries receive assets.
Organizing Your Assets
Organizing your assets involves aligning them with your financial goals and ensuring efficient management. This includes:
- Consolidating accounts for simplicity.
- Updating beneficiary designations on insurance policies, retirement plans, and other accounts.
- Documenting essential details about your assets to provide your executor or trustee with easy access.
Estate Planning
Estate planning goes beyond the basics of asset distribution. It involves creating a comprehensive plan for how your assets will be preserved, managed, and distributed after your death. Additionally, it prepares for scenarios in which you become incapacitated and can no longer manage your own affairs.
By addressing both asset management and financial obligations, estate planning provides peace of mind for you and clarity for your loved ones
Resources:
The Centre for Public Legal Education Alberta (CPLEA) provides clear, accessible information about the law to Albertans. Through resources like websites, publications, presentations, and Q&A services, CPLEA helps people make informed decisions in their daily lives. Their multidisciplinary team, including lawyers, librarians, teachers, and web specialists, collaborates to create educational tools and strategies that empower Albertans to understand and navigate legal issues.
The GRIEF Plan is a comprehensive, low-cost, all-in-one package that includes estate planning, a personal directive, will, and financial preparedness options for anyone. They base their thorough assessment on personal and tax information. They also provide tax services for the deceased including estate taxes and probate work which is the filing of paperwork with the courts to unfreeze an estate.
