Estate planning is the process of making important decisions regarding the disposition of your property not only upon your passing, but also during your lifetime. The objective is to ensure that the liquidation of your assets is carried out without complications for your loved ones and in an organized fashion that is in line with your priorities and wishes.
MAIN CONSIDERATIONS OF A GOOD ESTATE PLAN
The will: A notarized will is,without a doubt, the key element of a judicious estate plan. Enlisting the services of a notary provides you with expert advice and ensures that your wishes are clearly expressed. A notarized will is difficult to contest and is enforced immediately upon death, without requiring additional procedures before the court.
Mandate in the event of incapacity: A protection mandate in anticipation of incapacity allows you to designate one or several individuals who will see to your well-being and the administration of your assets if you are no longer able to do so. Once again, it is best to have your mandate notarized to ensure greater security.
Trusts: A trust is a legal instrument to which you transfer part or all your assets, while living or upon death, and is administered according to your instructions. It can be effective in shielding certain assets against possible creditors or liability lawsuits. A trust also helps protect your beneficiaries by controlling how your assets are distributed, both immediately and over time.
Planned giving: Using one's assets to benefit charitable, philanthropic or educational organizations is a meaningful consideration for many individuals. Several options exist to help fulfill this desire, from lump sum payments to the use of endowments.
Paying attention to taxes: The various choices one makes in the distribution of assets come with their own distinct tax consequences. These must be understood and considered before a final decision is made.
SUPPORT THROUGH EVERY STEP OF THE PROCESS
Whether you are looking for a simple consultation, a detailed Estate Plan or the appointment of National Bank Trust as estate administrator we are there to support you in this process. Together, we will review the situation and find solutions that are right for you and your family.