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Sharp Asset Estate Planning for Seniors

Discover the importance of estate planning for seniors in Toronto. Learn about wills, executors, and more. Contact Sharp Asset Management for expert advice.

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Sharp Asset Estate Planning for Seniors

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  1. Sharp Asset Management Inc. Estate Planning in Toronto: Guide for Seniors 416-722-9009 Contact@sharpasset.com

  2. What Is Estate Planning? Estate planning encompasses all your assets and liabilities. Assets include real estate, valuables, personal possessions, and financial assets. Financial assets cover bank accounts, investments, life insurance, and business funds. Estate is net worth minus liabilities (unpaid bills, loans, taxes, etc.).

  3. Components of an Estate Plan An estate plan includes various elements: Distributing assets. Paying debts. Healthcare decisions. Key documents: will, power of attorney. Executor selection.

  4. Choosing an Executor Executor is the person responsible for carrying out your will. Select someone you trust for this crucial role. No appointed executor leads to court involvement and potential complications. Creating a Will • A will is a legal document that lays out your final wishes. The executor is the person that carries out the wishes outlined in the will. • Alarming statistic: Only 20% of Canadians over 55 have a will.

  5. Assigning Power of Attorney (POA) A POA grants someone legal authority to manage your finances if you can't." POA responsibilities: Paying bills, managing finances, interacting with professionals. You can have more than one POA. Creating a Living Will • A living will, also called a personal directive, empowers a caregiver for healthcare decisions. • Critical decisions, including life support, organ donation, and palliative care. • Different from POA, it focuses solely on healthcare choices.

  6. Estate Planning Checklist for Seniors Take inventory of assets Name beneficiaries in investment accounts, pensions, and insurance policies Create a will Plan and prepay your funeral Give out gifts while alive Review the plan every three-to-five years Consider an impartial executor for complex assets or family dynamics

  7. Contact us 21 Greenwin Village Road, Toronto, Ontario, M2R 2R9 416-722-9009 contact@sharpasset.com P.O BOX 74539 Humbertown Centre, 270 The Kingsway Toronto, ON M9A 5E2 www.sharpasset.com

  8. Thank you

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