Financial planning helps achieve your goals during your lifetime. Estate planning helps preserve your wealth, protect your loved ones and set financial goals after you’re gone. The earlier you start planning your legacy, the better positioned you’ll be to have your wealth distributed according to your wishes, and to create a lasting impact. Despite the importance of having a robust estate plan, a poll by Ipsos Reid found that only 30% of Canadian adults have a formal estate plan.

As your wealth grows, so does the need to plan for what comes next. A comprehensive estate plan includes a variety of components from philanthropy to trusts to effectively meet all of your and your family’s needs after you’re gone. Here are six things we’ll take into consideration when we establish and manage your tailored estate plan: 

Have a will in place, and update your existing will

Considered the cornerstone of an estate plan, a will is a legal document that outlines how your assets and affairs should be managed and distributed after you’re gone. We partner with tax and estate planning specialists and collaborate with legal professionals who can help create or update your will.

Have Powers of Attorney (POAs) in place, and update your existing POAs

A financial Power of Attorney is a legal document that appoints somebody to handle your financial affairs on your behalf. Powers of Attorney are usually created at the same time as your will, with the advice of the same specialists.

Trust your trusts

Trusts can play a vital role in transferring assets to those who matter most. Our holistic approach to estate and legacy planning includes working with a team of advisory professionals to help navigate the complexities of trust and tax laws.

Minimize the impact of taxation on your estate plan

From capital gains tax to probate fees, the components of your estate may be subject to a variety of taxes which can diminish its overall value. That’s why we’ll work together to create and manage an estate plan that mitigates the impact of taxation.

Protect your estate with life insurance

Life insurance plays an integral role in an estate plan by providing liquidity, tax-efficient wealth transfer, and preserving its overall value.

Consider your philanthropic goals

Identifying causes, organizations and charities you support is an important part of leaving a financial legacy in your estate plan.

Your goals extend beyond your lifetime, and your wealth plan should reflect that. Estate planning is vital for leaving a lasting legacy and protecting those who matter most. By understanding your unique aspirations, we can work together to design a tailored estate plan. At CIBC Private Wealth, our holistic approach to wealth planning includes access to a comprehensive team of professionals that can assist in building your estate plan including tax and estate planning specialists and legal professionals.