Kamal Lidder Shares Simple Steps for Estate Planning

1. Kamal Lidder Shares Simple Steps for Estate Planning FINANCIAL EXPERT Estate planning might seem complicated, but it doesn’t have to be. With a few simple steps, you can ensure your assets are managed and distributed according to your wishes. Kamal Lidder, a Wealth Advisor at Canaccord Genuity Wealth Management, offers straightforward advice to guide you through the process. Create a Will One of the most important steps in estate planning is creating a will. This legal document outlines how your assets should be divided a?er your passing. Without a will, the state decides how to distribute your assets, which may not align with your preferences. It’s essential to be clear and specific in your will to avoid any potential disputes among family members. Name Your Beneficiaries Another critical aspect of estate planning is naming beneficiaries for your accounts and assets, such as retirement accounts, life insurance policies, and investment portfolios. Naming beneficiaries ensures that these assets are transferred directly to the individuals you choose, bypassing the probate process, which can be time-consuming and costly. It’s important to regularly review and update beneficiary designations, especially a?er major life events like marriage, divorce, or the birth of a child. Set Up a Power of Attorney A Power of Attorney (POA) allows you to appoint someone to make decisions on your behalf if you become unable to do so. This can include financial decisions, healthcare decisions, or both. Choosing a trustworthy and capable person for this role is crucial, as they will have significant authority over your affairs. A well- dra?ed POA can help prevent complications in the future. Consider a Trust In addition to a will, some situations may benefit from the creation of a trust. A trust allows you to transfer assets to a trustee, who manages them for the benefit of your beneficiaries. Trusts can be particularly useful if you have minor children, want to avoid probate, or wish to set conditions on when and how your beneficiaries receive their inheritance. Trusts offer more control and flexibility compared to a will alone and can be customized to fit your specific needs.

2. Plan for Taxes Depending on the size of your estate, your heirs might face estate taxes. Working with a tax advisor can help develop strategies to minimize these taxes, such as gi?ing assets during your lifetime, setting up a trust, or taking advantage of tax exemptions. Proper planning can help preserve more of your wealth for your loved ones. Final Thoughts Estate planning doesn’t have to be overwhelming. By following these simple steps, you can create a solid plan that protects your assets and ensures they are distributed according to your wishes. Starting early and keeping your plan updated can help provide peace of mind, knowing that your legacy is secure for your loved ones.