Crafting The Memory A brief look at estate planning… Welcome to Dave’s presentation on how to avoid Probate & Other Unnecessary Estate Settlement Fees.

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Presentation transcript:

Crafting The Memory A brief look at estate planning… Welcome to Dave’s presentation on how to avoid Probate & Other Unnecessary Estate Settlement Fees Dave Sharp, B.Sc.; CFP; EPC Certified Financial Planner Elder Planning Counsellor

How To Properly Eliminate Probate, Estate, & Legal Fees While At The Same Time Minimize “Administrivia” and Complexity

What To Do… Use the RIGHT tool for the job What NOT To Do… Use a Joint-Ownership structure with your heirs

Two Types of Assets Estate FormingEstate Bypassing The RIGHT tools for the job!!!

Two Types of Assets Estate FormingEstate Bypassing Real Estate Stocks, Bonds, GICs Mutual Funds Bank Accounts Etc… Life Insurance Segregated Funds GIOs Etc… The RIGHT tools for the job!!!

Cost Comparison Estate FormingEstate Bypassing Probate Fees: Legal Fees: Accounting Fees: Executor Fees: Fund DSC Fees: 1.5% $/hr or up to 4% Variable 3% - 5% 0% - 5% Probate Fees: Legal Fees: Accounting Fees: Executor Fees: Fund DSC Fees: None Total: 1.5% % or more Total: None

Privacy Comparison Estate FormingEstate Bypassing Assets in estate are listed in detail during the probate process. Assets bypass the estate, discretely passing to the named beneficiary. This list becomes a public record! No Privacy!!! Transfer is totally private and confidential! Total Privacy!!!

Creditor Comparison Estate FormingEstate Bypassing Assets are not protected from creditors Considerable creditor protection available in most cases.

Timeline Comparison Estate FormingEstate Bypassing Assets transferred when court process complete. Assets transferred when claim form completed. Need Letters of Probate to release funds. 3 to 12 months not uncommon!!! 1 to 4 weeks not uncommon!!! No external legal forms needed to release funds

So, what is the solution? Speak to us about the use of financial products such as GIC’s and investment funds (segregated funds) sold through the insurance industry. You will find them very competitive in terms of costs and performances but more importantly, help avoid and eliminate those unnecessary Probate and other Estate Settlement losses.