The Canadian Securities Administrators, an umbrella organization of provincial and territorial securities regulators, introduced a measure two years ago to help protect investors’ financial interests. Investors could give their advisor the name of a “trusted contact person.” Meeting a need An advisor can contact this individual if the advisor believes the investor may be losing their…
By Krista Vermeer Has a family member or friend asked you to be an executor of their estate? It’s important to know that the role comes with a lot of responsibility and some risk. “There’s a lot more to being an executor than people realize,” says Lynne Butler. Butler is an estate lawyer, consultant, blogger and author of…
By Sun Life Staff A will protects both your assets and your family. But most Canadians have an out-of-date will – or no will at all. Find out what to think about when you write yours. next priority might be to build up your financial worth. How? By buying a home, starting a business, investing…
By Marie-Claude Marsolais Careful tax and estate planning can ensure your legacy lasts for generations. For many people, saving money comes down to these two options: Having just enough money to fund their retirement. Leaving a little something to their grown kids. What if your situation is different? A growing number of wealthy people want their…
A vacation property owner has always intended to hand down the property to her two children. However, she’s planning her estate and faces a challenge. Her adult daughter regularly vacations at the lakeside property, but her son lives three provinces away and is no longer interested in the property. The equal split no longer works….
It’s natural to think that estate planning for a single person would be less involved than for someone who’s married with children. But that’s not necessarily the case. Many estate planning measures that are made automatically by a married individual, such as leaving estate assets to their spouse, require more time and thought for a…
Investment insight You’ve worked hard over the years to make sure your loved ones will be comfortable—both now and after you’re gone. However, your nest egg can disappear very quickly when it’s passed on to your beneficiaries. This “sudden wealth” approach to transferring hard-earned savings is a real concern for many people. For those who…
Wealth Transfer Each year in Canada, billions of assets are transferred at death. If you intend to transfer all or part of your assets to your heirs, you want to make sure that it goes to the people you selected and in the manner you intended. Unfortunately, wealth transfer doesn’t always occur as planned. This…
One of the tax breaks the government gives to couples takes place when the first spouse passes away. That person’s Registered Retirement Income Fund (RRIF) can be taken over by the surviving spouse without taxes being payable at the time. So those funds continue to grow on a tax-deferred basis. But what happens if the…
If you were to imagine someone establishing a trust, you may picture an individual leaving their hilltop mansion and being driven by their chauffeur to stately law offices visited only by the rich and famous. In reality, a trust can be used by just about anyone to meet a variety of estate planning needs. One…