Estates and Your Financial Plan
With contributions by Anwar Hussein, C.A., M.B.A., Investment Advisor, BMO Nesbitt Burns, Toronto
for your Estate is only one of the important steps involved in
achieving your financial goals and aspirations.
our clients regularly ask us about financial planning
issues. We strongly recommend that expert advice from
investment and accounting professionals be obtained with respect to
financial planning issues.
have asked Toronto investment adviser Anwar Hussein, C.A., M.B.A., of BMO Nesbitt
Burns to offers his comments on the financial planning process, and
are grateful for his thoughts and expertise regarding the
following frequently asked questions::
types of financial plans should I have?
types of financial plans that people should have will depend on their
specific situation. However,
the following two plans usually apply to most individuals:
While no one can predict the future, retirement planning can
make it clearer. By integrating the many elements that affect
retirement income, you will be able to review your options and make
Regardless of your age, the size of your estate or the complexity
of your situation, you need to be able to answer some basic questions with
certainty. For example, does your plan ensure:
Your spouse or dependents will be financially secure?
Your family will maintain their standard of living?
Income taxes and other costs will be minimized and funded?
Your estate will be distributed as you intend?
assets and investments will be maintained if you become physically or
should you have a personal financial plan?
The financial plan will provide you with a
specific strategy to
achieve these goals (e.g. your plan may indicate that you need to invest
$500 per month to retire at age 55). Once
you have detailed your specific objectives in the short-term, it increases
the likelihood of achieving your goals in the long-term.
is involved in preparing a financial plan?
your personal goals
Create a plan to meet the goals
Invest assets according to plan and your risk tolerance
Review performance of investments at set intervals
Review and adjust plan as needed
do I need to update my financial plan?
plans are long-term in nature so they do not need to be adjusted
frequently. The appropriate
time to revisit your plan is when a life-event occurs.
Examples are as follows:
a new career
changes in your family situation (e.g. marriage, children,
to your personal goals (e.g. you decide to retire early)
Anwar Husain is a Chartered Accountant and an MBA who has lectured in
the past with the Canadian Securities Institute. He presently works as an Investment Advisor with BMO Nesbitt
Burns. He can be reached at (416) 928-1798 or firstname.lastname@example.org