The Basics of Estate Planning in Toronto: An Introduction for Seniors

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• Sharp Asset Management Inc.

• Estate Planning in Toronto Guide for Seniors

• 416-722-9009

• Contact_at_sharpasset.com

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• What Is Estate Planning?

• Estate planning encompasses all your assets and
  liabilities.
• Assets include real estate, valuables, personal
  possessions, and financial assets.
• Financial assets cover bank accounts,
  investments, life insurance, and business funds.
• Estate is net worth minus liabilities (unpaid
  bills, loans, taxes, etc.).

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• Components of an Estate Plan

• An estate plan includes various elements
• Distributing assets.
• Paying debts.
• Healthcare decisions.
• Key documents will, power of attorney.
• Executor selection.

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• Choosing an Executor

• Executor is the person responsible for carrying
  out your will.
• Select someone you trust for this crucial role.
• No appointed executor leads to court involvement
  and potential complications.

Creating a Will

• A will is a legal document that lays out your
  final wishes. The executor is the person that
  carries out the wishes outlined in the will.
• Alarming statistic Only 20 of Canadians over 55
  have a will.

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• Assigning Power of Attorney (POA)

• A POA grants someone legal authority to manage
  your finances if you can't."
• POA responsibilities Paying bills, managing
  finances, interacting with professionals. You can
  have more than one POA.

Creating a Living Will

• A living will, also called a personal directive,
  empowers a caregiver for healthcare decisions.
• Critical decisions, including life support, organ
  donation, and palliative care.
• Different from POA, it focuses solely on
  healthcare choices.

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• Estate Planning Checklist for Seniors

• Take inventory of assets
• Name beneficiaries in investment accounts,
  pensions, and insurance policies
• Create a will
• Plan and prepay your funeral
• Give out gifts while alive
• Review the plan every three-to-five years
• Consider an impartial executor for complex assets
  or family dynamics

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• Contact us

• 21 Greenwin Village Road, Toronto, Ontario, M2R
  2R9

• P.O BOX 74539 Humbertown Centre,
• 270 The Kingsway Toronto, ON M9A 5E2

• 416-722-9009

• contact_at_sharpasset.com

• www.sharpasset.com

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• Thank you