Estate planning is fraught with potential pitfalls but also full of opportunities to better disperse wealth for the next generation.
“Estate planning is really just the concept of transitioning your wealth efficiently,” says Dan Keil, a chartered investment manager (CIM) and senior wealth advisor with Scotia Wealth Management. “Wealth will transition whether you are efficient or inefficient. But, if you want the money to transition tax efficiently, I can assist you with that; whether it is transferred to the next generation, or a charity.”
On Sept. 26, he is hosting a free Estate Planning for Seniors seminar at Beach Grove Golf Club in Delta. While it’s ideal for retirees, he also encourages people who are nearing retirement to attend.
Most people already know the importance of having a Will. They don’t, however, realize they should update it every three to five years. “Family dynamics change as do estate laws. There have been more changes to the Will, Estates & Succession Act in B.C. in the last decade than there have been in 50 years.”
He also stresses the importance of choosing the right executor. “People often think that naming the executor is a compliment, but in fact, it can be a large burden. Your executor must have the time, skills and geographic proximity to take care of all the tasks required, with simple estates taking nine months minimum to complete and complicated estates taking two years or more.”
The seminar will address questions people might have about setting up trusts. Dan says, “Trusts may have tremendous value for families looking to protect wealth, but for others, they might be needlessly expensive and ineffective at accomplishing their estate goals.
“There may be more cost-effective measures we can take to protect their wealth from various challenges.”
During the one-hour seminar, Dan will also broach the subject of probate, the fee the government charges to validate the last true Will is being used. He’ll explore proactive steps people can take to be more efficient with the taxes the estate must pay through properly planning in advance.
The seminar is free, but people are required to pre-register here. Attendees have the choice of 2 p.m. to 3 p.m. or 5:30 p.m. to 6:30 p.m. Dan is also hosting three other upcoming seminars: Investing for Income (Oct. 3), Exchange Traded Funds Explained (Oct. 10) and 7 Key Steps to Ensure You Don’t Outlive Your Money (Oct. 22). For more information, you can also contact Nandita Puri, Senior Associate, at firstname.lastname@example.org or call (604) 601 1572.
Dan Keil, CIM, is a Senior Wealth Advisor with Scotia Wealth Management® ®Registered trademark of The Bank of Nova Scotia, used under licence. Scotia Wealth Management® consists of a range of financial services provided by The Bank of Nova Scotia (Scotiabank®); The Bank of Nova Scotia Trust Company (Scotiatrust®); Private Investment Counsel, a service of 1832 Asset Management L.P.; 1832 Asset Management U.S. Inc.; Scotia Wealth Insurance Services Inc.; and ScotiaMcLeod®, a division of Scotia Capital Inc. Wealth advisory and brokerage services are provided by ScotiaMcLeod, a division of Scotia Capital Inc. Scotia Capital Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada.