WILL AND POWER OF ATTORNEY ARE ESSENTIAL DOCUMENTS TO PLAN AND PROTECT YOUR WEALTH THAT YOU WORKED HARD TO ACCUMULATE. ESTATE PLANNING

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Estate Planning

Estate planning is the only way to be absolutely certain that your belongings will be distributed according to your wishes after you pass. Salim offers complete estate planning and will preparation services, ensuring that you have your say over the manner in which your personal effects and wealth are managed.When it comes to estate planning and wills in Surrey, Salim can be trusted to provide the most complete and comprehensive guidance, giving you peace in the certainty that all details have been arranged and every contingency accounted for. Salim will help you identify beneficiaries, assign an executor and prepare all necessary documentation for your personal estate. 

Will Preparation

Salim can help you assemble and draft your Will and other legal documentation to ensure that your wishes are carried out after you die. When you work with Salim you will receive qualified advice and guidance from one of the best rated and most trusted notary public in Surrey. 

Power of Attorney Preparation

Power of Attorney (POA) allow an individual to name another person to manage their legal, property and financial matters in the event they are not able to do so on their own. POA is a legal document which allow individuals to plan for the possibility of future incapability. Salim can help you with the preparation of a Power of Attorney so that you are prepared if any such circumstances should arise.

With estate planning, once may be able to reduce fees and taxes that his or estate would otherwise pay. Some of the estate planning strategies arfe as noted below. 

Joint assets

Joint assets can include a joint bank account that two or more people own, or a property ( home or vehicle or manufactured home, etc.) owned by two or more people as joint tenants. The owners of joint assets have a “right of survivorship”. What it means that if two opersons are the oweners and one fo them dies, the other joint owners own the asset. For instance, if you and another person own a home as joint tenants, the surviving joint owner( and will not pass in the deceased owner's will)  will get the home when you die. The home is said to pass outside your will. The advantage is that your estate ( after you die) will not have to pay probate fees (based on the estate assets) to the court  for the home. And if the home is your principal residence, no tax will be paid by your estate.

Assets with a designated beneficiary

Registered retirement savings plans(RRSP), registered retirement income funds(RRIF), and tax free savings accounts (TFSA) all let you name a beneficiary to get the proceeds when you die. If you name a beneficiary and they survive you by at least five days, the proceeds go outside your will to them. For instance, a beneficiary will get the money in a registered retirement savings plan directly from the company that is holding the plan, and not from the estate of the deceased person.

Life insurance policies

Life insurance policies allow you to name a beneficiary to receive money after you die.  In this case too, money will passes outside your will and it does not go through your estate. This means the life insurance funds will not be used to pay off the debts of your estate.

Charitable gifts

Upon death, one can reduce the income tax owing from the sale of assets by making charitable gifts in his or her will.

Get Help today by calling Salim at 6048173022 or email at salim@salimnotary.com