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  Your Estate Planning Goals
 

At the beginning of the estate planning process, it is important for you to determine what your goals are. Once you have identified your estate planning goals, then it will become evident what sort of trust or estate related services you may require from a trust company like Solus Trust. Below you will find descriptions of various situations. Please read them and see if you identify with any of the scenarios.

If you do, then you will have in turn identified an associated estate planning goal. For each goal, there is a trust or estate related service which will assist you to achieve your goal.

 

You can click on the link listed to learn more about the associated trust or estate related service.

Please bear in mind as you read the various scenarios described below that it is recommended that you undertake your estate planning process with your professional advisors. As well, we at Solus Trust would welcome the opportunity to work with you and your advisors to help you identify your estate planning goals and the accompanying trust or estate related service that would allow you to achieve those goals. Feel free to contact us to take advantage of this free service. Click on our contact us link now to learn more about how to reach us.

 

 

Your estate planning goal would be to have a will prepared or amended if:

    

 
  • you currently do not have a will or a trust which deals with the transfer of your estate and you do not want your estate to be distributed as required by law for people who pass on without a will;
      
  • you are planning to become or were recently married;
            
  • you were recently widowed, separated or divorced;
         
  • you have become a parent or grandparent;

 

 
  • you want specific people to receive particular assets or an inheritance of a specific amount from your estate; or
            
  • you want some of your estate to go to your favorite charity or charities after you pass on.
       

If your estate goal is to have a will prepared or amended, you will need to have an executor appointed. Click here to see the services that Solus Trust provides when acting as executor.

 

Your estate planning goal would be to have a trust created if:

  

 
  • you want to avoid paying probate fees (as high as 1.4% in B.C.) on your estate when you pass on;
      
  • you want to avoid paying executor fees;
      
  • you want the distribution of your estate to remain confidential;
        
  • you want to minimize the risk that a surviving spouse or child will contest your desired distribution of your estate;
           
  • you plan to gift some of your estate to charity upon your passing but you would like to benefit from the tax credit during your lifetime; or

     
       

 

 
  • you have a loved one you want to support financially but you do not want to give them a lump sum of money directly because they are not fiscally prudent, they are disabled, they are minors or you want them only to receive the income derived from the funds during their lifetime with the money then ultimately being distributed to other loved ones.

      

If your estate planning goal is to have a trust created, then you will have to select a trustee. Please click here to see the services that Solus Trust provides when acting as trustee.

 

 

 

Your estate planning goal would be to have an
enduring power of attorney
prepared or a committee of a loved one appointed if:

          

 
  • currently you have mental capacity and want to ensure that someone will be able to manage your financial affairs when you lose that capacity; or
     
  • if one of your loved ones has already lost their mental capacity to manage their financial affairs and they did not have an enduring power of attorney prepared before hand.

        
  If your estate planning goal is to have an enduring power of attorney prepared or a committee of a loved one appointed, then you will need the services of a substitute decision maker. Solus Trust can act in that capacity and to learn more about this service, please click here.
 

Your estate planning goal would be to obtain administrative assistance if you are already appointed to act as the trustee of someone else’s trust or the executor or administrator of another person’s estate and:

    

 
  • you live outside of the province;
      
  • you have a very busy life and are unable to devote the necessary time or effort required to fulfill your responsibilities as trustee, executor or administrator; or
     
  • you are not knowledgeable about trust or estate administration.
     
  If you estate planning goal is to obtain assistance with the administration of a trust or an estate, you will need the services of an agent. Please click here to see the types of agency services that Solus Trust is able to provide.
 
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