Which assets are considered in estate planning?
The first requisite to protecting one's assets is to ensure your estate plan is completed by a qualified Winnipeg estate planning attorney
. Without an estate plan in place upon your death, your assets will be distributed per the inflexible intestacy laws without regard to your personal wishes. If an estate plan is incorrectly prepared, your loved ones may see the assets you intended for them taken away by taxes
, creditors or specific legal directives.
Assets to be considered in estate planning cover a broad area and include such things as:
- The family home
- Real estate (including foreign real estate)
- Collectibles and household items
- Bank accounts
- Stocks and bonds
- Life insurance
- Retirement accounts
- The value of your business
Estate Planning Lawyer in Winnipeg
At Assiniboia Law Office, we can help you determine an estate plan that will preserve your assets as best as possible and see them handled per your wishes. This involves the consideration of a great many complexities and our extensive knowledge is invaluable in this regard. We can even guide you in establishing a succession plan, to help protect your business from depreciating in value once it has changed hands.
There are also times when the predicted liabilities of the estate will not be covered without liquidating some assets. In this case we can help plan the most strategic way of addressing this eventuality. An analysis can be done to determine which assets will have higher value or returns if retained. Your assets can then be managed accordingly. Of course, all of this is decided in alignment with your objectives and wishes.