When picking an executor, it is common practice to select a trusted family member and someone who lives nearby. However, for Canadian residents from immigrant families, this can be tricky advice to abide by.
An outdated will can present challenges in estate administration
Being an executor or power of attorney often comes with its challenges. Outdated estate plans can make the process particularly tricky, in part because the wishes outlined in the legal documents may not align with what the deceased communicated to beneficiaries.
What does estate planning have to do with your business?
Running a successful business takes a great deal of commitment and work. If you are one of the lucky ones whose business has withstood the test of time, you more than likely want to make sure that it outlasts you. Perhaps you made arrangements within the company to make this happen, but have you considered using estate planning to help ensure the smooth transition of ownership after your death?
Empathy can help all when dealing with farm estate issues
Business owners, especially those with significant property or multiple beneficiaries, have unique challenges when it comes to planning for what happens after they pass away. Farmers and their families are particularly aware of this, especially when not all children want to carry on with farming.
