Family Radio CHRI

Will & Estate Planning

Frequently Asked Questions

Do I need a Will? What if I already have a Will? What is Christian Estate Planning? The inheritance you leave to your heirs is about more than the monetary assets of your estate; it is about their best interests and the values you want to pass on.
Read more to have these common questions answered.

 

Do I need a Will?

In Canada, if you die without a Will you are considered to have died “intestate.” Simply put, this means that your provincial government decides how your assets will be divided—and not you.
Each province has intestacy rules that define your estate’s beneficiaries and how much each is to receive. Usually, this means your legal spouse and biological and adopted children will likely end up with your estate’s assets. Intestacy rules, however, do not take into account any intentions you may have for distributing your assets... including if you planned on giving to your church and other charities that are important to you. Even worse—intestacy can result in additional legal costs for your beneficiaries.
As good and faithful stewards of all that God entrusts to us, having a will ensures that our dependents are looked after as well as the potential to avoid estate taxes which gives you more to be generous with.

 

Why is a Will important?

• We all need a Will – without one some else will be making the decisions for us
• There are only 3 places where assets can go: heirs, taxes or charities. Estate planning helps to make sure that your assets are used as you would like. Without a will, nothing can go to charities.
• Having a welled planned Will ensures that your dependents/heirs will not experience difficulty in the execution of your Will or have unexpected expenses

 

What if I already have a Will?

A Will is something that, once signed, usually gets put away and not thought about again for many years. Since Wills don’t expire, there is no built-in requirement to renew them. But we should review and update our wills from time to time.
An Estate Planning Specialist can help you review your plans to ensure your dependents are looked after while being as generous as possible by reducing taxes and other expenses.
Estate Planning is for everyone whether you have a little or a lot.

 

What is Christian Estate Planning?

Estate planning is the process of anticipating and arranging for the disposal of your stuff during your life. Estate planning typically attempts to eliminate uncertainties over the administration of your will and maximize the value of the estate by reducing taxes and other expenses.
Your Will is the last statement you will ever make therefore you want it to be a meaningful one!

The inheritance you leave to your heirs is about more than the monetary assets of your estate; it is about their best interests and the values you want to pass on.

• What will be the spiritual inheritance you leave?
• Do you have a Will that adequately reflects your heart?
• Will your legacy of giving extend beyond your own life?

For further questions, please contact Advisors with Purpose here.

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