In this episode of Financial Planning for Canadian Business Owners, Jason Pereira, award-winning financial planner, university lecturer, and writer, is interviewed by Guy Anderson in the first episode of his series on estate planning for business owners!
Episode Highlights:
- 1:25 – What is estate planning from a broad perspective?
- 2:19 – What are the different parts of estate planning?
- 4:57 – Jason breaks down what happens for those who don’t have their estate affairs sorted out.
- 6:32 – How long does it take to get someone else’s estate in order?
- 8:28 – Jason explains how your assets are organized and how that affects your estate.
- 10:42 – Why do people open up joint accounts?
- 12:06 – Where does the Will come in during this process?
- 14:11 – Jason dives into the succession plans of business owners.
- 15:18 – Who is in charge of what in regards to the will?
- 15:56 – Jason explains the 2 parts of power–of–attorney.
- 19:31 – Jason previews the rest of the Estate Planning for Business Owners series.
3 Key Points
- After you die, your money can go to your beneficiaries, the government, and charitable organizations.
- You do have a choice with your estate plan. You can plan one for yourself or leave it up to the government to figure it out for you. Only one is under your control.
- The 3 scenarios that have to be addressed in the will are what happens if one spouse dies, both spouses die with children left behind, and the entire family dies.
Tweetable Quotes:
- “Estate planning is the process of organizing everything that matters to you...and figuring out what you want your legacy to be.” – Jason Pereira
- “It’s not just about where everything goes in the administration. It’s about, what is the outcome on the people and places you leave behind?” – Jason Pereira
- “The last thing I want my family to have when I die is resentment.” – Jason Pereira
- “The will establishes the rules for the estate.” – Jason Pereira
- “There is a separate branch of the criminal code for theft under power–of–attorney and it is more punitive than normal theft.” – Jason Pereira
Resources Mentioned:
Full Transcript
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