Do you need to do real estate planning?
Written by Tiffany Woodfield, Mali Coach, TEP®, CRPC®, CIM®
As a TEP practitioner, I showed me my experience how important it is to plan for a time when it is not here.
Although we all understand that death is part of life, preparing for it is still a difficult task.
Until recently, I did not realize the number of individuals who lack a file willNot to mention a real estate plan.
But this is the thing: we cannot escape from two reality: death and taxes.
Fortunately, by setting a real estate plan in place, you can prepare for your death and reduce your tax burden. This seems clear, right? So, why do many people postpone the creation of their will and real estate plans?
I think there are two main reasons: First, the discomfort in thinking about death, and the second, the lack of continuous claim to treat it.
With all the messages that tell us to “live today” and “Be present”, he can feel planning for our future. In our always connected life, full of texts, e -mail messages and social media, it is easy to feel exhausted, making important issues seem less urgent.
In short, if you are wondering whether or not you need real estate planning, the answer is: Yes. If you have any amount of assets, you need real estate planning.
How did I get used to thinking about real estate planning
I used to think about real estate planning as something just do the wealthy.
The word “ESTATE” evokes pictures of the vast lands and major castles instead of the origins and property of the average person. This makes me wonder if many others share this perspective, which may explain the reason for reducing the importance of real estate planning.
Yes, it is true that thinking about our death in the end can be uncomfortable and that the term “real estate planning” seems frightening.
It is not something we face in our daily life. Nobody tells their friends, “Do you have a real estate plan?” While a chat is taking place. Therefore, it is still a foreign topic. But I hope it is more prevalent because the benefits of real estate planning prominent.
Who benefits from real estate planning?
The more wealth that accumulates, the more your complexity when you plan your real estate.
But this is also true everyone Who has the origins It takes advantage of real estate planning. It can be anything from simple will or power of attorney to complex real estate planning with trust And insurance. You have to think about what will happen if you will take or become powerless, even temporarily.
Real estate planning is not related to whether you have great assets or others who depend on you, such as husband, children or pets. What about your presence on the Internet and personal property elements that are valuable for you?
Remember that your wife who takes care of you is not automatic. If you do not do any real estate planning, your children will not inherit everything automatically.
It should not be scary, but if you don’t do basic real estate planning, It will be a chaos for your family Members. It will cost your family more in the long run.
How to start real estate planning
Here are some simple tips about starting if you don’t do so before:
1. Make a listStart by writing all your important origins. This will give you a clear idea of what you want to plan for.
2. Think about who gets what: Decide who you want to give your things when the time comes.
3. Talk to a lawyer: They can help you understand how to protect your family, create legal documents, and ensure that your desires are followed.
4. Review regularly: As your life changes, see your real estate plan every few years to make sure that it still reflects your desires.
What is exactly real estate planning?
Real estate planning is simply the process of preparing for what is happening for your property, money and responsibilities after your death.
You do not need to be a difficult task. It comes to controlling your future and protecting your loved ones.
Who should you work with to do your real estate planning?
In Canada and the United States, it is better to work with a real estate planning lawyer who knows the laws in your boycott or mandate, where they can help create basic documents such as Commandments and trust.
Consider consulting with accountant To ensure that your real estate plan is effective of taxes. In many cases, you will be in regular contact with the wealth management team, and they understand you and your financial timing. It can be a great supplier to recommend referrals to other professionals, such as lawyers and accountants.
Associated reading: What is real estate planning in Canada
The role of insurance in real estate planning
Insurance plays a major role in real estate planning by providing financial protection, assistance in commercial caliphate, and a real estate tie.
Some insurance policies can be used to finance your real estate, pay taxes, or support a ConfidentWhich facilitates the management of your assets and desires.
Common questions about real estate planning
Why real estate planning is important?
Real estate planning helps you determine what will happen to your property after your journey.
It can also help avoid arguments or confusion, which makes things easier for your loved ones during a difficult time.
How can real estate planning protect my family?
By doing real estate planning, it shows that you are interested in making sure everything is organized.
Without a plan, it takes longer for your loved ones to sort everything, making it more difficult for them.
What is the best time to start real estate planning?
The best time to start real estate planning is when you have valuable property or when you reach a certain age and want to make your own choices about what is happening to them.
Some life events make it more important, such as marriage, divorce, buying a house, or starting a family.
What happens if I do not do any real estate planning?
If you do not do any real estate planning, the law will decide whoever gets your property, and this may not be what you want.
This can lead to confusion and arguments between your family about who should get what.
How can real estate planning help business owners?
Real estate planning helps business owners to ensure their work continues even if something happens to them.
They are allowed to determine who will take over and manage the way they mean.
Do I need real estate planning if I don’t have much?
Yes, you still need real estate planning even if you don’t have much!
There is a plan that makes it easy for your family and friends to know what you want, so they do not have to guess it or argue on this topic later.
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Read more:
💎 List of verification of simple real estate planning for Canadians
💎 17 tips for the will and planning of real estate for Canadians
💎 At what age I should think of real estate planning?
About the author
Tiffany Woodfield He is a financial coach, an expert across the border and co -founder of Swan Wealth, based in Kelowna, BC. As director of TEP and wallet manager, Tiffany has extensive work experience with successful professionals who want to leave a legacy and enjoy an adventure lifestyle and work manufacturing. Tiffany combined the wide knowledge of its background as a financial professional with training and her passion for personal development to help its customers create a unique road that allows them to live in their maximum capabilities. Tiffany was a regular contributor to Bloomberg TV and was interviewed with national and international publications, including Globe and Mail and Barron.
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