Did you hear about what happened after Prince Died?
Prince's estate, valued at $156 million, faced a six-year legal battle among his six heirs due to the absence of a will.
This case underscores the need for proper estate planning, including a will, power of attorney, and financial strategy, to protect loved ones and preserve one's legacy.
Key points to consider:
Estate planning is essential for everyone, not just the wealthy.
DIY tools like Willful and LegalWills Canada make creating a will easier and cheaper. YOU HAVE NO EXCUSE TO NOT HAVE AN ESTATE PLAN!
Properties or businesses may require professionally drafted wills.
Wills can incorporate tax strategies and protect disabled heirs through trusts.
A will is only effective after death, while Powers of Attorney (POA) manage affairs during incapacity.
Lack of POA can lead to financial and medical disputes among family members.
Financial advisors can assist in navigating the estate planning process, ensuring documents reflect current circumstances.
