Education - Estate Planning

The Energy Credit Union Limited understands that our members care about protecting their families and their assets, particularly in the event of unexpected tragedies or significant changes in their lives. But many members may be unsure about how to develop a comprehensive estate plan to take care of those they love.

This is why The Energy Credit Union Limited has entered into a partnership with Concentra Trust to provide you with important information on estate planning. With Probate rules tighteneing, it may pay to have help.

Estate planning is a process that eliminates uncertainties and maximizes the value of your estate. The steps involved include:

  • Review and document your current financial situation.
  • Define your personal and financial goals.
  • Identify options and make informed choices that will allow you to achieve your desired outcomes.
  • Put your plan into action.
  • Review your plan and periodically make adjustments.

A complete estate plan ensures that you can provide for those you care about, even if you’re no longer there. Isn’t the peace of mind knowing your wishes and directions will be known and carried out worth it?
You may also find it useful to refer to the PDFs below. These resources will help you to attain a broader understanding of the complexities of estate administration and may assist you in making important estate planning decisions.

A guide for Energy Members
Your First Steps
Step-by-step Instructions
Location of personal records and documents
An Executor’s Guide to Estate Administration

 

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Ten Principles of Estate Planning

1. Follow the planning process

  • Gather and analyze personal and financial information.
  • Determine your objectives.
  • Design your plan by exploring the options and choosing the strategies right for you.
  • Implement your plan.

2. Consult with family members

  • Their input can provide solutions or uncover problems.
  • Avoid surprises.

3. Make your plan fit you and your family

  • Consider all the “what if’s”.
  • What is your tolerance for complexity? What is important to you? To your spouse? To your children?

4. Look at the big picture

  • Strategies are only pieces of the puzzle.
  • Do a reality check on plan distribution including assets passing outside the estate.
  • Will there be sufficient money from your estate for taxes and all beneficiaries?

5. Hire an expert

  • A will is not an estate plan - get practical and creative solutions from an expert.
  • Remember tax planning.

6. Choose your executor(s) very carefully

  • He or she runs the show when you’re gone.
  • Consider the family dynamics and whether you need an impartial party.

7. Make sure someone checks the details

  • Ownership, values, obligations, contracts, corporations.

8. Look at your estate plan as an investment that pays big returns

  • That includes possible tax savings and avoiding the cost of litigation.
  • Preserve family harmony and leave behind a legacy of care and order.

9. Follow your plan through to completion

  • They don’t call it a DEADLINE for nothing!!

10. Review your plan frequently and update if required.