The estate plan should be aligned with your financial planning to prevent misdistribution of your assets upon death. A will drafted by a professional is the cornerstone of your estate plan. The more complex your financial situation, the more you need a well-integrated comprehensive plan. For example, if you have children, investments, philanthropic objectives, a business, a second home, or real estate assets, having a comprehensive estate plan that takes all your wishes into consideration is essential. Moreover, an estate plan helps to reduce the costs and possible delays caused by the settlement of your estate such as the fiscal impact.
Depending on your situation, there are several mechanisms which can allow you to achieve your estate planning goals, among others: wills, insurance, power of attorney, designation of beneficiaries, charitable donations, tax planning, trusts and foundations.