Seminar sets out facts and plan for your estate

Free estate planning workshop at Chances RimRock Casino. Registration is at 5:30 p.m. with seminar beginning at 6 p.m.

Do you have an estate plan? Is it documented?

If your answer is no, you join the ranks of more than half of Canadian adults (56 per cent) who haven’t even completed their last will and testament, according to a 2012 survey release by a Canadian insurance company.

Of the 44 per cent who have completed a will, a further 60 per cent have not updated their wills in the last 10 years and, although you are more likely to become incapacitated than die, the number of Canadians without a signed power of attorney is even larger (71 per cent).

The result: the absence of a clear estate plan, that starts with a signed will, can become a divisive and contentious issue at a time when families are already experiencing grief, and can result in a range of complications from belongings not going to the person they were intended for to court battles that cost thousands of dollars.

Pisto Keil Wealth Management encourages you to attend our free Estate Planning Workshop.

We will discuss the potential pitfalls to avoid in planning the distribution of your estate and what essential tools there are to help.

The workshop will be held on Nov. 20 at Chances RimRock Casino, 4890 Cherry Creek Rd, Port Alberni. Registration is at 5:30 p.m. with seminar beginning at 6 p.m.

Please reserve your seat by contacting Alyssa Neumann at 1-800-663-0606 or email: natalie.walker@scotiamcleod.com.

Many people believe that making their property and investments joint with their heirs prior to their death will create ease, efficiency and reduce costs like probate when it comes to distributing their estate.

While this can be true, this approach is fraught with risk. Consider the divorce rate in Canada currently sitting at 41 per cent.

Your property that is in joint ownership with your child could be subject to claims by the ex-spouse. This is not the only unintended consequence of this strategy.

Keeping your estate plan up-to-date is important. As we age, much changes in our lives including assets, family dynamics, where we live, how we live. Your plan should reflect these changes. There may also be circumstance in your family where you will consider giving less to one child than another. This is one area where even the most well constructed will has its limits. Unless properly approached, this can create additional problems that could include a legal challenge to your will resulting in your intentions not being carried out.

In our wealth management practice we have seen situations where there has been no estate planning, no will or a poorly constructed one and there is no doubt that this creates substantial problems for heirs and executors.

Just Posted

Black Press file photo
RCMP seek suspect in Vancouver Island-wide crime spree

Crimes stretched from Deep Bay to Qualicum, Ladysmith, Chemainus and Youbou

Things are looking up for Vancouver Island as zero COVID-19 cases have been reported for the first time since October. THE CANADIAN PRESS/Darryl Dyck
Island records zero new COVID-19 cases for the first time since October

For the first time since October, the province is reporting zero new… Continue reading

The remains of the Mid-Island Co-op in Whiskey Creek along the Alberni Highway on Friday, June 18, after a blaze the day before devastated the gas station. (Michael Briones photo)
VIDEO: Whiskey Creek gas station destroyed by fire after camper van explosion

Nine fire departments responded to the incident, no injuries reported

New Vancouver Island University chancellor Judith Sayers was sworn in at a virtual ceremony June 17. (Submitted photo)
VIU’s new chancellor seeks innovation and equality in post-secondary education

Judith Sayers officially sworn in as Vancouver Island University chancellor

A small pod of Pacific white-sided dolphins pass by close to shore in Campbell River June 16, 2021. Still capture from video courtesy of Kimberly Hart
VIDEO: Dolphin sunset captured from Vancouver Island shore

Spectacular setting for view of travelling pod of Pacific white-sided dolphins

British Columbia’s premier says he’s received a second dose of the Oxford-AstraZeneca COVID-19 vaccine. (Twitter/John Horgan)
B.C. premier gets 2nd dose of AstraZeneca COVID-19 vaccine

John Horgan shared a photo of himself on social media Friday afternoon holding a completed vaccination card

A lotto Max ticket is shown in Toronto on Monday Feb. 26, 2018.THE CANADIAN PRESS
No winning ticket sold for Friday’s $70 million Lotto Max jackpot

The huge jackpot has remained unclaimed for several weeks now

Karl and Stephanie Ann Johanson were thrilled to spot a pair of Sandhill Cranes in the Panama Flats this month, an unusual appearance for such birds. (Photo by Stephanie Ann Johanson)
WATCH: Sandhill cranes an unusual, joyful sight in South Island parkland

These birds don’t often touch down on their way between northern B.C. and Mexico

Police are asking for public assistance in locating Anthony Graham who has been charged with the murders of Kamloops brothers Carlo and Erick Fryer. (RCMP photo)
2 charged, suspect at large in killings of B.C. brothers linked to gang activity: RCMP

Kamloops brothers Erick and Carlo Fryer were found deceased in May on a remote Okanagan road

(V.I. Trail/Google Maps)
Now 90% complete, Vancouver Island trail forges new funding parnership

Victoria Foundation takes on Vancouver Island Trail Association; fund valued at $40,000

Albert Health Minister Tyler Shandro and Alberta Premier Jason Kenney unveil an opening sign after speaking about the Open for Summer Plan and next steps in the COVID-19 vaccine rollout, in Edmonton, Friday, June 18, 2021. THE CANADIAN PRESS/Jason Franson
Alberta 1st province in Canada to lift all COVID-19 public health restrictions

70.2% of eligible citizens 12 and older in the province have received a dose of the vaccine

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Most Read