Reducing the taxes, probate fees, and other costs your estate will have to pay does not have to be complicated. It starts with having a proper will and naming beneficiaries for plans such as your Registered Retirement Savings Plan (RRSP) and life insurance. If you plan with care, you can put more of your savings and property into the hands of the people who live on after you.
Here is a list of some simple ways to reduce the costs of your estate:
Leave a will.
- Name beneficiaries.
- Preplan your funeral.
- Prepay your funeral.
- Buy life insurance.
- Give some of your money as gifts before your death.
- Spend unsheltered assets first after you retire.
- Take advantage of final RRSP contributions.
Learn more now: Simple ways to reduce estate costs
Creating a well-planned estate: Ross and Reena's story With a new baby in the family, Ross and Reena want to put their finances in order. What would happen if one of them died? What would happen if they were in a car accident and they both died together? To find out how they created their estate plan, read Ross and Reena's story .
Remember: Now is the time to put your affairs in order
Don't leave it to your loved ones to sort things out after you're gone. With some simple planning, you can make sure they get the most benefit from your estate, with the least amount of hassle, after you're gone.
Content in this section is provided in partnership with the Investor Education Fund, a non-profit organization promoting financial literacy to Canadians. To find out more go to GetSmarterAboutMoney.ca.