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Sharp Asset
Management Inc.
Estate Planning in
Toronto: Guide for
Seniors
416-722-9009 Contact@sharpasset.com
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.).
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.
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.
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.
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
Contact us
21 Greenwin Village
Road, Toronto, Ontario,
M2R 2R9
416-722-9009
contact@sharpasset.com
P.O BOX 74539
Humbertown Centre,
270 The Kingsway
Toronto, ON M9A 5E2
www.sharpasset.com
Thank you

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Sharp Asset Estate Planning for Seniors.pptx

  • 1. Sharp Asset Management Inc. Estate Planning in Toronto: Guide for Seniors 416-722-9009 Contact@sharpasset.com
  • 2. 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.).
  • 3. 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.
  • 4. 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.
  • 5. 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.
  • 6. 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
  • 7. Contact us 21 Greenwin Village Road, Toronto, Ontario, M2R 2R9 416-722-9009 contact@sharpasset.com P.O BOX 74539 Humbertown Centre, 270 The Kingsway Toronto, ON M9A 5E2 www.sharpasset.com