What is an Estate Plan?

This presentation covers the basics of an estate plan and its two key objectives.

Transcript

1. WHAT IS AN ESTATE PLAN? Patrola Law Corporation
2. BC Estate Planning The content of this presentation is derived from Patrola Law’s “What is an Estate Plan” video. You can follow along by watching the following video.
3. https://youtu.be/BFivVGrRFYw
4. Components of an Estate Plan A basic estate plan usually consists of: • A Will • Power of Attorney • Health Care Management Agreement ◦ Representation agreement or advance directive
5. The Estate Plan Objectives Goal #1 MINIMIZE PROBATE FEES Everything that goes through your will is going to be charged a fee of about 1.4% of the value of everything in your will. A proper estate plan aims to minimize these probate fees
6. The Estate Plan Objectives Goal #2 PROPER PERSON GETS THE RIGHT GIFT
7. What if the Person Doesn’t Receive the Right Gift? A beneficiary can challenge the will through a Wills Variation Claim A Wills Variation Claim allows a beneficiary who feels like he or she is not getting enough, apply to the courts to set aside a gift or to vary something in the will.
8. You can Prevent This With Trusts A Trust will ensure that the proper person does receive the right gift. A Trust can also be used to make sure that beneficiaries who are less abled to fend for themselves, can be taken care of.
9. Patrola Law Corporation 12827 76 Ave Surrey, BC V3W 2V3 (778) 565-4700 patrolalaw.com Presented by: