Estate Organization

Who Needs Estate Organization?

The Organizer Profile

Estate organization is suited to clients 50+ in age, who have considered their personal finances over the years, and are now asking:

  • What’s happens to my money and all my “stuff”, if something happens to me? 
  • How can I make things easier for my family? 
  • How can I prevent fighting amongst family members after I’m gone? 

Is Estate Organization only for large estates? 

Definitely not. The dollar value of your estate is irrelevant compared to the complexity of your estate. Your estate will require settlement regardless of size. It boils down to the number of assets, debts, financial institutions, other service providers you deal with, and beneficiaries that your executor is going to have to manage. QuickEstate™ for Organizers covers 42 different types of assets and debts, all of which are commonly held.

You can begin the process of estate organization for yourself and for aging family members who have named you as their executor to get a leg up on the work ahead, ultimately saving you money and time.

Challenges for Your Family if You Don’t Organize Your Estate

Time 

It will usually take an executor 2 years, or up to 200 hours, to settle a simple estate consisting of very few assets and very few beneficiaries. Double or triple that time to settle an average estate, and even longer if the deceased was disorganized.  

Does the person(s) you’ve named as executor have this kind of spare time on their hands? Using QuickEstate™ can save your executor hundreds of hours. 

Conflict 

After you’ve passed away, family friction is the last thing you want but it’s super common with estates. 

Conflict is almost always rooted in poor estate organization and lack of communication with your executor. If the executor has no idea where to start and does not get the work done on a timely basis, the gloves come off very quickly with beneficiaries.  

QuickEstate™ informs executors of their fiduciary responsibilities, walking them through the process to foster transparency and avoid conflict.  

Complexity 

Most people name their children as executors: children who are busy with their own careers and families. 

While most estate settlement work is not difficult, it’s a long “to do” list that gets even larger if your affairs are disorganized. 

A grieving executor, with no idea who or what’s involved, can quickly become overwhelmed. They may procrastinate or make inadvertent errors, for which they can be held personally liable. 

QuickEstate™ gives them a roadmap, step-by-step advice and user-friendly tools to do the work in a timely, organized fashion.

Cost 

Your estate will pay tens of thousands of dollars more in professional fees if your affairs are disorganized and your executor is not prepared. 

Estate lawyers now charge $400+ per hour These costs ramp up exponentially when the estate is disorganized. If the Will is contentious, estate litigation costs tens of thousands of dollars.  

Accountants usually charge $300+ per hour to prepare date of death and estate tax returns; another layer of costs that ramps up if you die with estate affairs not in order. 

Professional executors often charge 6% of the estate value. They will be asking your grieving family to do all the legwork to compile the necessary information, while they ring the till. Having your affairs in order will substantially reduce their costs as well.   

QuickEstate™ gives your executor the heads up on what’s required long before they visit a lawyer or accountant, saving a ton of back and forth time and the resulting professional fees. 

Why haven’t I heard about this from my advisor?

Financial advisors, accountants, and Wills lawyers are all starved for capacity these days as a result of a long list of industry challenges. Top advisors stick to what they do best and bring in other specialists to provide ancillary advice. 

This piece meal approach does not yield holistic results and key elements of estate planning get lost along the way. Estate organization has largely been ignored by advisors as a result of the absence of the time and tools to provide the service – until now. 

Most advisors can only provide cursory executor assistance due to industry restrictions and lack of time. Surprisingly few have knowledge about the day-to-day tasks required to settle an estate. 

QuickEstate was created to close the estate organization gap and to disrupt the business of settling estates, which has been a shamelessly expensive, inefficient process. 

Dying disorganized and not making your executor an informed decision maker equipped with tools to make the job easier is a license for a drawn out and expensive process, full of family friction. This is not the legacy you want to leave behind! 

Visit us at: www.quickestate.ca to begin properly organizing your estate with our easy to use software.