Meet George and Helen – Part 2

George and Helen have been very careful with their finances and have accumulated a net worth of over a million dollars consisting of:

$225,000 RIF
$65,000 Ford, Bell and Manulife shares
$490,000 House value
$120,000 Insurance cash value (2 paid-up and 2 pay to 100)
$100,000 GICs

They have a will but it has not been updated for over 15 years.

They plan on downsizing from their home within the next year so that they can be free to travel and see family and friends without the hassle of homeownership.

They want to provide enough for their children and grandchildren but also want to leave a sizable gift to each of their 5 charities and home church that they support. They want to try and achieve a 50/50 split between family and charity.

George and Helen are in relatively good health and have a better than average life expectancy.

Will Services

The first thing we recommended is that they update their will and assign their wishes to each of their children. Along with that, we recommended making Link Charity the residual beneficiary of their estate and attaching a Link Charity letter of direction providing direction as to how they wanted their charitable portion of the estate divided. This recommendation allowed them to clarify their desires with their lawyer once, while maintaining flexibility with Link Charity as to any charitable changes they may want to make.

George and Helen discovered how to make some RIF beneficiary changes….find out how