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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Estate Planning


Synonyms:estate managing, managing your estate, planning your estate
Filed Under: annuities, estate-management, financial-banking, insurance, investments, taxation
Tags: annuity, banking, insurance, investment, life insurance, taxes
 

Definition of estate planning

estate planning
1. The measures undertaken to determine how assets are to be distributed after an individual dies. In many cases, estate planning involves arranging a tax-efficient method of transferring wealth, often through the use of a life insurance policy, trust, the transfer of property though joint tenancy rights of survivorship, or another method. At the bare minimum, experts suggest that one should set up a last will and testament in order to avoid probate or to make the probate process less difficult. Also known as "estate management."

Related Terms and Acronyms:

  • life insurance   An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
      ➥  CanEquity offers life insurance.
  • life insurance trust (LIT)   A legal entity that is made the beneficiary of a life insurance policy, often arranged to evade taxation.
  • power of attorney (PA, POA)   A document in which the signer authorizes someone to conduct business in his or her name -- signing title documents and cheques, for example.
  • private annuity   An arrangement where one party agrees to transfer ownership of an asset to another party (usually a beneficiary) in exchange for lifetime payments.
  • probate sale   Sale of property after the death of the owner, supervised by a court, with proceeds divided among creditors and heirs.
  • second-to-die insurance   Life insurance that only pays a death benefit when both spouses have died, commonly used in estate planning.
  • sprinkling provision   A provision that gives a trustee the authority to distribute life insurance death benefits as he or she sees fit, and to those who need the money the most.
  • survivorship   The right of a person to secure ownership by reason of his/her outliving someone with whom s/he shared undivided interest in the land.
  • trustee   A person who holds and manages assets for the benefit of beneficiaries.
  • will   A document that states what must be done with a person's estate after his or her death.

More Related Terms and Acronyms

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