{"id":6485,"date":"2019-11-06T13:01:39","date_gmt":"2019-11-06T21:01:39","guid":{"rendered":"https:\/\/zdybfinancials.com\/?page_id=6485"},"modified":"2020-04-15T23:36:24","modified_gmt":"2020-04-16T06:36:24","slug":"estate-planning-for-young-families","status":"publish","type":"page","link":"https:\/\/zdybfinancials.com\/estate-planning-for-young-families\/","title":{"rendered":"Estate Planning for Young Families"},"content":{"rendered":"<div class=\"flex_column av_one_full  flex_column_div av-zero-column-padding first  avia-builder-el-0  avia-builder-el-no-sibling  \" style='border-radius:0px; '><p><div  class='avia-image-container avia_animated_image avia_animate_when_almost_visible left-to-right av-styling-    avia-builder-el-1  el_before_av_hr  avia-builder-el-first  avia-align-center '  itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\"  ><div class='avia-image-container-inner'><div class='avia-image-overlay-wrap'><img decoding=\"async\" class='wp-image-6646 avia-img-lazy-loading-not-6646 avia_image' src=\"https:\/\/zdybfinancials.com\/wp-content\/uploads\/2020\/02\/estatePlanningforYoungFamilies.jpg\" alt='' title='estatePlanningforYoungFamilies' height=\"810\" width=\"1440\"  itemprop=\"thumbnailUrl\" srcset=\"https:\/\/zdybfinancials.com\/wp-content\/uploads\/2020\/02\/estatePlanningforYoungFamilies.jpg 1440w, https:\/\/zdybfinancials.com\/wp-content\/uploads\/2020\/02\/estatePlanningforYoungFamilies-300x169.jpg 300w, https:\/\/zdybfinancials.com\/wp-content\/uploads\/2020\/02\/estatePlanningforYoungFamilies-1030x579.jpg 1030w, https:\/\/zdybfinancials.com\/wp-content\/uploads\/2020\/02\/estatePlanningforYoungFamilies-768x432.jpg 768w, https:\/\/zdybfinancials.com\/wp-content\/uploads\/2020\/02\/estatePlanningforYoungFamilies-705x397.jpg 705w\" sizes=\"(max-width: 1440px) 100vw, 1440px\" \/><\/div><\/div><\/div><br \/>\n<div  style='height:25px' class='hr hr-invisible   avia-builder-el-2  el_after_av_image  el_before_av_textblock '><span class='hr-inner ' ><span class='hr-inner-style'><\/span><\/span><\/div><br \/>\n<section class=\"av_textblock_section \"  itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock  '   itemprop=\"text\" ><p>Having a family is a blessing and can also bring a lot of worry. A lot of this worry can stem from not being prepared for a disaster like if something were to happen to you or your spouse.<\/p>\n<p>We&#8217;ve put together an infographic checklist that can help you get started on this. We know this can be a difficult conversation so we&#8217;re here to help and provide guidance.<\/p>\n<h3><strong>The Children<\/strong><\/h3>\n<ul style=\"margin: auto 1em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">What will happen to the children if both parents were to pass away?<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Who would take care of them and until what age?<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">What would happen if only parent were to pass away?<\/p>\n<\/li>\n<\/ul>\n<p>Make sure you have a will that:<\/p>\n<ul style=\"margin: auto 1em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Assigns a guardian for your children<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">If there&#8217;s an inheritance for the children, who will take care of this? Make sure you assign a trustee for the inheritance.<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Always choose 2 qualified people for each position and communicate your intentions with them to ensure they&#8217;re up for the responsibility.<\/p>\n<\/li>\n<\/ul>\n<h3><strong>Assets and Liabilities<\/strong><\/h3>\n<ul style=\"margin: auto 1em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">What are your assets? Create a detailed list of your assets such as: Home, Family Business Interest, Investments- Non registered, TFSA, RRSP, RDSP, RESP, Company Pension Plan, Insurance Policy, Property, Additional revenue sources, etc&#8230;<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">What are your liabilities? Create a detailed list of your liabilities such as: Mortgage, Loans (personal, student, car), Line of Credit, Credit card, Other loans (payday, store credit card, utility etc.)<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Understand your assets-the ownership type (joint, tenants in common, sole etc.), list who are the beneficiaries are for your assets<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Understand your liabilities- who&#8217;s on the hook for paying back the loan?<\/p>\n<\/li>\n<\/ul>\n<p>Make sure you have a will that:<\/p>\n<ul style=\"margin: auto 1em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Assigns an executor<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Provide specific instructions for distribution of assets<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Always choose 2 qualified people for each position and communicate your intentions with them to ensure they&#8217;re up for the responsibility.<\/p>\n<\/li>\n<\/ul>\n<h3><strong>Ongoing Needs <\/strong><\/h3>\n<p>What are your family&#8217;s ongoing needs?<\/p>\n<ul style=\"margin: auto 1em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">List out the living expenses<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">List out income needs<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Do you still need to pay for school?<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Determine if you have enough (assets minus liabilities) to take care of the family.<\/p>\n<\/li>\n<\/ul>\n<p>Make sure you review your insurance.<\/p>\n<ul style=\"margin: auto 1em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Once you determine how much need there is, review your life insurance coverage to see if it meets your needs or if there&#8217;s a shortfall.<\/p>\n<\/li>\n<\/ul>\n<p><strong>Execution:\u00a0<\/strong><\/p>\n<p>It\u2019s good to review the considerations above but it\u2019s also necessary to implement an estate plan.<\/p>\n<p>Here\u2019s a list of the individuals that can help:<\/p>\n<ul style=\"margin: auto 1em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Financial Advisor<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Estate Planning Specialist<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Insurance Specialist<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Lawyer<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Accountant\/Tax Specialist<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Chartered Life Underwriter (CLU)<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Chartered Executor Advisor (CEA)<\/p>\n<\/li>\n<\/ul>\n<p>There are definitely unique situations in many families and things can get complicated so please use this when you feel it&#8217;s applicable.<\/p>\n<h3>Next steps&#8230;<\/h3>\n<ul style=\"margin: auto 1em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\"><a href=\"\/contact\">Contact us<\/a> about helping you get your estate planning in order so you can gain peace of mind that your family is taken care of.<\/p>\n<\/li>\n<\/ul>\n<\/div><\/section><br \/>\n<div  class='avia-button-wrap avia-button-left  avia-builder-el-4  el_after_av_textblock  avia-builder-el-last ' ><a href='https:\/\/zdybfinancials.com\/contact\/'  class='avia-button  avia-color-theme-color   avia-icon_select-no avia-size-large avia-position-left '  target=\"_blank\"  rel=\"noopener noreferrer\"  ><span class='avia_iconbox_title' >Contact Us<\/span><\/a><\/div><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":8,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Estate Planning for Young Families - Zdyb Financials Ltd.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/zdybfinancials.com\/estate-planning-for-young-families\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Estate Planning for Young Families - Zdyb Financials Ltd.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/zdybfinancials.com\/estate-planning-for-young-families\/\" \/>\n<meta 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