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November 2013

LIFE LETTER MATURE

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What is Estate Planning?

Estate Planning is deciding what you want to happen after you die, then arranging for it to happen. Sounds easy? It is. But many people don't do it, either because they don't think they'll die, or they don't know how to establish a proper plan.

The effect of this, of failing to plan one's estate, can be that too much goes to taxes and legal fees, and what's left can go to the wrong people. Or worse still, your family is left with debts and not enough money to take care of them in the way you intended.

The first step is to determine your family's financial position today if you had died last night. How would you answer these questions?

  • Do you owe any money? Will any new debts be created by your death?
  • Have you guaranteed any loans?
  • Do you have a mortgage on your home?
  • Do you have any outstanding tax liabilities?
  • Are there any outstanding legal suits against you?
  • Would all of these be completely discharged at your death?
  • How much income do you bring home?
  • How much of it would continue after your death?
  • For how long?
  • Is it enough?
  • Will it last long enough?
  • Do you own part or all of a business? What happens to your interest in it when you die?
  • If it is to be bought, where will the money come from?
  • Is this according to a written agreement?

These are only a few of the questions that should be asked and answered to properly plan your estate. Because the answer to each question can lead to other questions, have an expert ask them, someone familiar with the problems that death will bring, and who can help you to provide the answers..

Plan Your Estate – because it’s the right thing to do.

Call Hans Mathisen today at (306)242-7042.
or email -
hans@mathisen.ca

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Copyright 2007 Life Letter. All rights reserved

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Mathisen Financial, Inc.
335 Redberry Road
Saskatoon, Saskatchewan S7K 4W5
Bus. (306) 242-7042 Fax. (306) 242-4314
Email:
hans@mathisen.ca