Ensure your wealth benefits those you love

Concerned that your estate may fall into the wrong hands? Richardson Wealth has been helping Canada’s most successful families and entrepreneurs leave lasting legacies for years. We are highly skilled at navigating the estate planning worries of particular concern to our clients, such as ensuring their estate benefits the people and causes dear to them.

Income for dependents

You can control the income stream

Using trusts in your Will gives you a greater degree of control over how estate assets are distributed to your beneficiaries. You may choose to set up a discretionary trust, giving the trustee the power to determine how much income will be paid out to the beneficiaries. For minor children or spendthrift beneficiaries, you may choose to control the distribution of capital in the trust by specifying in your Will the amounts to be distributed at specific intervals. This will ensure the financial safety net you’ve created for them stays in place for years.

If one of your beneficiaries is disabled, some provinces allow you to establish a Henson Trust into your Will. Properly structured, this trust may protect the assets they inherit, without jeopardizing their right to collect government benefits and entitlements.

Avoid will challenges

Explain any ommissions

In making a Will, you need to consider all the people to whom you owe a duty of care. This includes the more obvious people, such as spouses and minor children, but also can include parents you have been supporting or adult children. If you do not explain the omission of certain beneficiaries in your Will (particularly those to whom you owe a duty of care), those individuals may be able to argue that you simply "forgot” to include them—and challenge the Will for support.

If you plan to include a charity as one of your beneficiaries, explain this to the other beneficiaries beforehand, to avoid litigation once you have passed away. OR consider giving it while you are still alive.

Interested in learning more?

We’d be pleased to help you develop the right estate plan for your particular situation. Just give us a call to arrange a time that’s convenient for you. We'd also be pleased to provide you with a complimentary copy of our Estate Record Keeper—an easy solution for keeping all your financial and estate information in one place.