Estate planning is a necessary process that can ensure financial security for an individual and their family.
Guest speaker Kim Tone, a financial planner with RBC, shared her knowledge and experience on estate planning at the March congregate dinner hosted by the Seniors Centre for Excellence.
Employed in financial planning for over 29 years, Tone works out of the RBC branches in Harriston, Clifford, Durham, Ayton, Paisley and Hanover.
“Planning goes far beyond having a legal will,” Tone said. “Only 55% of Canadians have a will. Estates should be settled quickly and in an efficient manner. It’s important for everyone to have planning strategies in place including an up-to-date will with assigned executor’s, power of attorney and personal care power of attorney documents in place.”
Some of the roles of the executor involve the distribution of assets and the filing of final tax returns. Persons appointed to be a power of attorney, assume their role when a person is unable to make decisions due to mental or physical incapacity.
Likewise, personal care power of attorney’s make decisions regarding a person’s health when they are unable due to incapacity.
“When choosing an executor look for someone who has patience, wisdom, discretion and is located close by,” Tone said.
“It’s easier to have someone as an executor who doesn’t live on the other side of the country when dealing with an estate.”
Banks offer executive support staff to assist an executor who is navigating the financial process. The staff are professional, impartial officers located in bank branches across the country.
They are available to assist with overseeing of paperwork, allowing the executor to choose how much assistance they require.
When an executor is out of the province, a professional is able to take over the work an executor may not be able to complete because of distance. Executive support staff ease the burden of the task and release the individual from liability issues associated with a role of executor.
“Get organized, inventory assets and liabilities, and make decisions on how your estate is to be distributed,” Tone said.
“In the long run you and your family will benefit.”
For more information on estate planning contact your local bank or financial institution.
