{"id":23958,"date":"2020-05-26T20:24:25","date_gmt":"2020-05-27T03:24:25","guid":{"rendered":"https:\/\/hfin.ca\/?page_id=23958"},"modified":"2020-05-26T20:39:43","modified_gmt":"2020-05-27T03:39:43","slug":"estate-planning-for-young-families","status":"publish","type":"page","link":"https:\/\/hfin.ca\/estate-planning-for-young-families\/","title":{"rendered":"Estate Planning for Young Families"},"content":{"rendered":"<section class=\"av_textblock_section \"  itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock  '   itemprop=\"text\" ><div>\n<style type=\"text\/css\">\n@-webkit-keyframes oryCellResizeableAnimate {<br \/>  0% {<br \/>    background-color: hsla(0,0%,100%,.26);<br \/>    top: 45%;<br \/>    bottom: 45%;<br \/>  }<\/p>\n<p>  50% {<br \/>    background-color: hsla(0,0%,100%,.12);<br \/>    top: 0;<br \/>    bottom: 0;<br \/>  }<\/p>\n<p>  to {<br \/>    background-color: hsla(0,0%,100%,.87);<br \/>    top: 45%;<br \/>    bottom: 45%;<br \/>  }<br \/>}<br \/>@keyframes oryCellResizeableAnimate {<br \/>  0% {<br \/>    background-color: hsla(0,0%,100%,.26);<br \/>    top: 45%;<br \/>    bottom: 45%;<br \/>  }<\/p>\n<p>  50% {<br \/>    background-color: hsla(0,0%,100%,.12);<br \/>    top: 0;<br \/>    bottom: 0;<br \/>  }<\/p>\n<p>  to {<br \/>    background-color: hsla(0,0%,100%,.87);<br \/>    top: 45%;<br \/>    bottom: 45%;<br \/>  }<br \/>}<br \/><\/style>\n<style type=\"text\/css\"><\/style>\n<div class=\"juiced\">\n<div id=\"postToSend-3\">\n<div class=\"ory-row\" style=\"box-sizing: border-box; display: flex; -webkit-box-flex: 0; -ms-flex: 0 1 auto; flex: 0 1 auto; -webkit-box-orient: horizontal; -webkit-box-direction: normal; -ms-flex-direction: row; flex-direction: row; -ms-flex-wrap: wrap; flex-wrap: wrap; margin-right: 0; margin-left: 0; position: relative;\">\n<div class=\"ory-cell ory-cell-sm-12\" style=\"position: relative; box-sizing: border-box; -webkit-box-flex: 0; -ms-flex: 0 0 auto; flex: 0 0 auto; padding-right: .5rem; padding-left: .5rem; -ms-flex-preferred-size: 100%; flex-basis: 100%; width: 100%; min-width: 100%;\">\n<div class=\"ory-row ory-cell-inner\" style=\"box-sizing: border-box; display: flex; -webkit-box-flex: 0; -ms-flex: 0 1 auto; flex: 0 1 auto; -webkit-box-orient: horizontal; -webkit-box-direction: normal; -ms-flex-direction: row; flex-direction: row; -ms-flex-wrap: wrap; flex-wrap: wrap; margin-right: 0; margin-left: 0; position: relative;\">\n<div class=\"ory-cell ory-cell-sm-12\" style=\"position: relative; box-sizing: border-box; -webkit-box-flex: 0; -ms-flex: 0 0 auto; flex: 0 0 auto; padding-right: .5rem; padding-left: .5rem; -ms-flex-preferred-size: 100%; flex-basis: 100%; width: 100%; min-width: 100%;\">\n<div class=\"ory-cell-inner ory-cell-leaf\">\n<div class=\"ory-plugins-content-spacer ory-plugins-content-spacer-read-only\" style=\"border-bottom: none; position: relative; border: 1px solid rgba(0, 0, 0, 0.12); border-color: transparent;\">\n<div style=\"height: 20px;\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"ory-row ory-cell-inner\" style=\"box-sizing: border-box; display: flex; -webkit-box-flex: 0; -ms-flex: 0 1 auto; flex: 0 1 auto; -webkit-box-orient: horizontal; -webkit-box-direction: normal; -ms-flex-direction: row; flex-direction: row; -ms-flex-wrap: wrap; flex-wrap: wrap; margin-right: 0; margin-left: 0; position: relative;\">\n<div class=\"ory-cell ory-cell-sm-12\" style=\"position: relative; box-sizing: border-box; -webkit-box-flex: 0; -ms-flex: 0 0 auto; flex: 0 0 auto; padding-right: .5rem; padding-left: .5rem; -ms-flex-preferred-size: 100%; flex-basis: 100%; width: 100%; min-width: 100%;\">\n<div class=\"ory-cell-inner ory-cell-leaf\">\n<div><img decoding=\"async\" class=\"ory-plugins-content-image\" style=\"width: 100%;\" src=\"https:\/\/www.appsforadvisors.com\/ufs\/mediaLibrary\/ypTa3j2uXB4CGb5Y4\/estatePlanningforYoungFamilies.jpg\" \/><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"ory-row ory-cell-inner\" style=\"box-sizing: border-box; display: flex; -webkit-box-flex: 0; -ms-flex: 0 1 auto; flex: 0 1 auto; -webkit-box-orient: horizontal; -webkit-box-direction: normal; -ms-flex-direction: row; flex-direction: row; -ms-flex-wrap: wrap; flex-wrap: wrap; margin-right: 0; margin-left: 0; position: relative;\">\n<div class=\"ory-cell ory-cell-sm-12\" style=\"position: relative; box-sizing: border-box; -webkit-box-flex: 0; -ms-flex: 0 0 auto; flex: 0 0 auto; padding-right: .5rem; padding-left: .5rem; -ms-flex-preferred-size: 100%; flex-basis: 100%; width: 100%; min-width: 100%;\">\n<div class=\"ory-cell-inner ory-cell-leaf\">\n<div>\n<p>Having a family is a blessing and can also bring a lot of worry. A lot of this worry can stem from not being prepared for a disaster like if something were to happen to you or your spouse.<\/p>\n<p>We&#8217;ve put together an infographic checklist that can help you get started on this. We know this can be a difficult conversation so we&#8217;re here to help and provide guidance.<\/p>\n<p><strong>The Children<\/strong><\/p>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">What will happen to the children if both parents were to pass away?<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Who would take care of them and until what age?<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">What would happen if only parent were to pass away?<\/p>\n<\/li>\n<\/ul>\n<p>Make sure you have a will that:<\/p>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Assigns a guardian for your children<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">If there&#8217;s an inheritance for the children, who will take care of this? Make sure you assign a trustee for the inheritance.<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Always choose 2 qualified people for each position and communicate your intentions with them to ensure they&#8217;re up for the responsibility.<\/p>\n<\/li>\n<\/ul>\n<p><strong>Assets and Liabilities<\/strong><\/p>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">What are your assets? Create a detailed list of your assets such as: Home, Family Business Interest, Investments- Non registered, TFSA, RRSP, RDSP, RESP, Company Pension Plan, Insurance Policy, Property, Additional revenue sources, etc&#8230;<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">What are your liabilities? Create a detailed list of your liabilities such as: Mortgage, Loans (personal, student, car), Line of Credit, Credit card, Other loans (payday, store credit card, utility etc.)<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Understand your assets-the ownership type (joint, tenants in common, sole etc.), list who are the beneficiaries are for your assets<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Understand your liabilities- who&#8217;s on the hook for paying back the loan?<\/p>\n<\/li>\n<\/ul>\n<p>Make sure you have a will that:<\/p>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Assigns an executor<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Provide specific instructions for distribution of assets<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Always choose 2 qualified people for each position and communicate your intentions with them to ensure they&#8217;re up for the responsibility.<\/p>\n<\/li>\n<\/ul>\n<p><strong>Ongoing Needs <\/strong><\/p>\n<p>What are your family&#8217;s ongoing needs?<\/p>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">List out the living expenses<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">List out income needs<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Do you still need to pay for school?<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Determine if you have enough (assets minus liabilities) to take care of the family.<\/p>\n<\/li>\n<\/ul>\n<p>Make sure you review your insurance.<\/p>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Once you determine how much need there is, review your life insurance coverage to see if it meets your needs or if there&#8217;s a shortfall.<\/p>\n<\/li>\n<\/ul>\n<p><strong>Execution: <\/strong>It&#8217;s good to go through this but you need to do this. Besides doing it yourself, here&#8217;s a list of the individuals that can help:<\/p>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Financial Planner\/Advisor (CFP)<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Estate Planning Specialist<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Insurance Specialist<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Lawyer<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Accountant\/Tax Specialist<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Chartered Life Underwriter (CLU)<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Chartered Executor Advisor (CEA)<\/p>\n<\/li>\n<\/ul>\n<p>There are definitely unique situations in many families and things can get complicated so please use this when you feel it&#8217;s applicable.<\/p>\n<h3>Next steps&#8230;<\/h3>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\"><a href=\"\/contact\">Contact us<\/a> about helping you get your estate planning in order so you can gain peace of mind that your family is taken care of.<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/section>\n<div  class='avia-button-wrap avia-button-left  avia-builder-el-1  el_after_av_textblock  avia-builder-el-last ' ><a href='https:\/\/hfin.ca\/contact\/'  class='avia-button   avia-icon_select-no avia-color-theme-color avia-size-large avia-position-left '   ><span class='avia_iconbox_title' >Contact<\/span><\/a><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.9 - 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