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Identify and explain three main estate planning goals

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Question - Yasmin and Jag married three months ago. Yasmin (34) works as a retirement consultant. She has a son, Tim (8), from a previous marriage. She and Tim have no contact with Tim's father. Jag has started the process to adopt Tim as his own son. Jag (36) is an engineer. He travels frequently for his job, across Canada and occasionally to Europe. He also has a son from a previous marriage, Austin (6). Austin visits every other weekend. He really enjoys playing with Tim and considers him a great big brother. Since their marriage, Jag and Yasmin have been busy. They arranged a mortgage on their new house in Toronto, and they were each approved for individual term life insurance for $200,000. Through work Jag also has a term life insurance policy with the death benefit payable to his estate. Jag and Yasmin have GICs and RRSPs in their own names.

Question 1 - Identify and EXPLAIN 3 main estate planning goals that are related to Yasmin and Jag case.

Question 2 - Explain to Jag and Yasmin why Powers of Attorney, personal care and property, are extremely important to this couple. When explaining each, please reference specifics to the couples situation.

Question 3 - Identify and JUSTIFY the 5 MOST important clauses for Jag's will specifically related to the information provided in the case. List your top 5 in order of importance.

Reference no: EM133117859

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