TRUST & ESTATE SERVICES
Do You Have A Will?
- Are you over 18 years old?
- Are you the registered owner of a lot, house, farmland or commercial property?
- Are you single, married, common-law or divorced?
- Do you have children?
If you answered "YES" to any of these questions - YOU NEED A WILL! Lori Thomson
Trust Services Officer
Credential Financial Strategies
306.783.1545
lori.thomson@cornerstonecu.com
Why should I be Concerned about Planning my Estate?
Estate Planning is an important piece of your financial strategy. Cornerstone Credit Union offers Estate Planning, a personal service designed to assist you in making informed decisions regarding the distribution of assets from your estate. When you take the time to plan your estate, you are really taking the time to properly care for your dependents. The Estate Planning process should be considered at each major life event.
If you do not plan your estate, and do not have a valid Will, the distribution of assets in your estate will be carried out according to provincial laws. The distribution prescribed by law may not conform to your wishes, or best serve the interests of your beneficiaries. Your estate may be subject to administration costs, legal fees and taxes that could have been reduced or avoided if you had taken time to plan.
When you start the Estate Planning process, you will need to consider a number of factors:
- What do you own?
- What do you owe?
- Who will act as your executor(s)?
- Who will receive your assets?
- How will your assets be distributed?
- Who will be named guardian(s) of your children or dependent adults?
- What will it cost to administer your estate?
Your Estate Planning Guide will reflect your personal situation. Before you can make informed decisions, you will need to know the costs and benefits of the available alternatives.
The Importance of a Will
A Will is a very important component of the Estate Planning process. The Will is the legal document that communicates how you choose to have your estate handled. If you die without a Will, your estate will be distributed according to provincial law.
Choosing Your Executor
You can choose an individual, Concentra Trust, or both to act as your executor. Regardless of your choice, your executors are entitled to charge a fee for the duties performed and may be financially liable for any losses to the estate due to their actions.
The choice of an executor requires careful consideration. If you plan to choose a relative or friend, be sure to obtain their consent. The executor assumes a significant responsibility and the administration process can take a considerable amount of one's time. As well you may consider naming an alternate executor who would perform the administration of your estate should the primary executor become incapacitated or die prior to your death.
Concentra Financial is owned by the credit union system and has been in the estate business for over 40 years. Our professional staff work together to administer your estate according to the terms outlined in your Will and/or the governing legislation.
Estate Administration
Estate Administration is the process of bringing a deceased's personal and financial affairs to a close. Debts, liabilities and taxes must be identified and paid. Assets are located and ultimately distributed to the proper beneficiaries in accordance with the terms outlined in the Will or the laws of intestacy when there is no Will.
Settling an Estate
If there is a valid Will, the Executor acquires his or her authority from the appointment in the Will. If the named Executor cannot fulfill this role, or if there is no Will, the court will appoint an Administrator.
The named Representative, either an Executor or Administrator, is responsible for completing the administration of the Estate. The Estate Representative owes a duty to the deceased by interpreting and carrying out the terms outlined in the Will and/or governing legislation. The Estate Representative has a duty to inform the beneficiaries of their entitlement from the estate and to ensure this entitlement is safeguarded until delivery.
Professional Estate Administration
Every estate is unique. The duties of an Estate Representative can be difficult and time consuming. All Estates have a significant degree of liability resulting from errors or omissions in the administration process. Once an individual agrees to accept the role of Estate Representative, this responsibility cannot be delegated. Contracting Concentra Financial's Administration services can reduce your potential for liability when you are named as an Estate Representative.
Concentra Financial is owned by the Credit Union System and has been administering member estates for over 50 years. Our team of professionals work together to administer estates according to the terms outlined in the Will and/or the governing legislation.
When administrating an Estate, Concentra Financial carries out all of the duties in consultation with the named Estate Representative.
The Estate Administration Process
The process of Estate Administration can be very complex and involve responsibilities most people have never experienced. The actual time and degree of difficulty associated with the administration of an Estate can vary depending on several factors:
- The nature and location of assets.
- The type of debts and claims against the Estate.
- The financial arrangements and Estate Planning carried out by the deceased during his or her lifetime.
- The degree of co-operation by those involved in the Estate.
- The ability and expertise of the Estate Representative.
If you have been named the Representative of an Estate and would like to reduce your potential for liability in the administration process, contact your branch of Cornerstone Credit Union. Our Trust Services Representative can discuss the appropriateness of professional Estate administration for your personal situation.
The Credit Union Personal Management Account Service can include:
- Payment of prearranged bills.
- Remittance of income tax installments.
- Collection of interest and dividends.
- Periodic payment of income.
- Safe custody of assets.
- Follow through on investment and/or reinvestment transactions.
- Complete records and reports of asset and account transactions.
- Regular statements.
The Credit Union Farm Management Account Service can include:
- Selection of a renter.
- Arrangement of leases.
- Crop reporting.
- Collection and distribution of income.
- Insurance reviews.
- Payment of taxes and other expenses.
- Remittance of income tax installments.
- Complete records and reports of assets.
- Account transactions.
- Regular statements.
For more information on Farm Management Accounts or any other financial service, contact the professional staff at Cornerstone Credit Union.
Credential Financial Strategies Inc. is a member company under Credential Financial Inc. offering financial planning, life insurance and investments to members of credit unions and their communities. Credential is a registered mark owned by Credential Financial Inc. and is under licence. 05/05
