ESTATE PLANNING SERVICES

Minimizing estate taxes in Canada requires strategic planning. Options include setting up trusts, making use of tax exemptions, and gifting assets to your beneficiaries during your lifetime. You can also establish life insurance policies to cover estate tax liabilities or transfer assets to a spouse tax-free. Hexavision’s estate planning experts provide guidance to ensure your estate is structured efficiently, so you can pass on more of your wealth without burdening your beneficiaries with unnecessary taxes. If you have a corporation the CDA is the best way to minimize taxes during your lifetime as well as after you pass away.

In Canadian estate planning, a will is a legal document that outlines how you want your assets distributed after your death, while a trust is a fiduciary arrangement that allows a third party (the trustee) to hold assets on behalf of beneficiaries. Trusts can help you avoid probate, provide privacy, and reduce estate taxes, whereas a will must go through probate, which can be time-consuming and costly. Trusts also allow for more control over how and when your assets are distributed, especially in complex family situations.

It’s never too early to start estate planning in Canada. Ideally, you should begin as soon as you have attained a legal age irrespective of the amount or value of the assets. If you have significant assets, such as property, investments, or a business, or when you start a family it is a must have document for all Canadians. Key documents for estate planning include a will, trust agreements, power of attorney, and an advance healthcare directive. Regularly updating these documents is important, especially after major life events like marriage, divorce, or the birth of a child. We do annual review meetings with all our clients. Visit our blog post to download free checklist for to get started.

Even if you have no major assets, it’s important to have a basic estate plan in place. You can create these documents online for free using trusted services like Canada Wills.

These services guide you through the process, ensuring your wishes are legally recorded, even if you don’t have substantial assets.

At a minimum, you should create the following documents:

A simple Will to specify how your personal belongings will be distributed.

A Power of attorney to appoint someone to manage your financial affairs if you become incapacitated.

An Advance healthcare directive (or living will) to outline your healthcare preferences.

Ensuring family harmony through estate planning involves clear communication and proper documentation. Creating a detailed will and establishing trusts can help avoid disputes by specifying exactly how assets should be distributed. It’s also important to discuss your wishes with family members ahead of time to prevent misunderstandings. Hexavision’s estate planning services emphasize reducing conflicts by making sure your plan reflects your values, protects your wealth, and respects your loved ones' wishes.