What is a Will?
A Will is a document that contains your instructions and wishes as to how your property and assets are to be distributed after your death. It is a legal containing the names of the people you want to benefit, as well as details of your possessions at the date of your death.
Why is having a Will Important?
If a person dies without making a Will then it is up to the province to choose a person to make decisions on your behalf. These decisions may not be according to your wishes. If you die without a Will your partner could stand to lose assets and mementos that rightly belong to him/her.
What are some examples of why making a Will is extremely important?
A Will can:
- Protect your loved ones.
- Make certain that your lifetime's work and assets, built up over the years, are passed on to the people you want.
- Provide security for your family and those you are responsible for.
- Provide a smooth transfer of assets.
- Secure your children's future and allow you to nominate guardians and make arrangements for their upkeep and education if they are under a certain age.
What are some examples of Items that can be written in a Will?
You can include your property or possessions which include everything you own, such as your home, land, vehicles, bank accounts, benefits of insurance policies, furniture, boat, investments such as shares, personal jewellery, artwork, and so on. A Will is the only way you can ensure your assets will be distributed according to your wishes after your death.
What is an Annuity?
An Annuity is an agreement for one person or organization to pay another a series of payments.
What are some features of an Annuity?
- Tax deferral on investment earnings
Many investments are taxed year by year, but the investment earnings (capital gains and investment income) in annuities aren’t taxable until you withdraw money. - Protection from creditors
If you own an immediate annuity, generally the most that creditors can access is the payments as they’re made, since the money you gave the insurance company now belongs to the company. - Lifetime income
A lifetime immediate annuity converts an investment into a stream of payments that last as long as you do.
