By choosing a corporate executor, you can ensure any complexities in your estate are looked after by a firm with the knowledge and experience necessary. A corporate executor is a professional firm that provides executor services in exchange for a fee. Many wealthy individuals will have more complicated estate plans and benefit considerably from appointing a corporate executor. There are also specific life insurance strategies that may be advantageous for high net worth families. A few strategies that may exclusively benefit high net worth and ultra-high net worth individuals are estate freezes, family trusts, and charitable foundations. Those with substantial assets will have more considerations for intergenerational wealth planning and more opportunities to implement complex estate planning tactics. Is there someone I trust who can act as my power of attorney?Įstate planning for high net worth individualsįor high net worth individuals, estate planning becomes even more critical.Who should I appoint as my executor? Could I benefit from selecting a corporate executor?.Are there other ways to minimize the tax that my estate will owe?.How does charitable gifting fit into my plans?.Should I consider gifting during my life instead of through my estate?.How might my family benefit from a trust?.Should I consider an estate freeze to reduce the taxes owed upon my passing?. Does insurance make sense to help cover the tax costs associated with my estate?.How should my assets be distributed to my beneficiaries?.When it comes to the estate planning process, consider these questions: It can also involve arranging for end-of-life care and the possibility of incapacitation through the use of a power of attorney document. The many components include a will, tax planning, life insurance, funeral preparation, charitable giving, beneficiary designation, and arrangements for minors. In reality, proper estate planning in Canada is so much more.Įstate planning means creating a plan to protect your assets upon your passing and distributing them according to your wishes. While this is an important part, it is only one part.
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