If you own multiple properties, such as vacation homes or rental properties, a living trust can simplify management and transfer. It also keeps your estate private, as trusts do not go through probate, unlike wills. This can save time and reduce stress for your family.
In Canada, a healthy 60-year-old man can generally expect to pay from approximately $345 per month for a $1,000,000 term life insurance policy.
Michael came to me at age 67 looking for a way to transfer a rental property to his son while reducing future estate taxes.
Is life insurance worth it when you’re over 60? Yes, life insurance can absolutely be worth it after age 60, especially if you want to protect your family, reduce estate taxes, preserve your wealth, or leave a legacy.
Many wealthy Canadians invest in life insurance because it can be one of the most tax-efficient ways to preserve and transfer wealth.
Permanent life insurance is designed to last for your entire lifetime, provided the policy is properly funded and remains in force according to its terms.
Are bank accounts part of an estate in Canada? Yes, bank accounts are generally considered part of your estate unless they are structured to pass outside of the estate. If the account is held solely in your name with no valid beneficiary designation or survivorship rights, it will normally form part of your estate and be administered by your estate trustee.
Do all wills go through probate in Ontario? Not every Will in Ontario has to go through probate. Whether probate is required depends on the types of assets you own, how they are registered, whether they have designated beneficiaries, and the financial institutions involved.
Jeff and Janice, a retired couple, came to me in their early 70s looking for a way to keep their family cottage in the family.
How can I leave my property to adult children in Canada? The best way to leave your property to your adult children depends on the type of property, your tax situation, your family dynamics, and your overall estate plan.
