Death & Bereavement
After a loved one passes on, there are a number of issues to be resolved. In this time of complication, we'd like to be the one you can count on for simple financial advice for issues that may arise.
Financial planning for survivors
When there is a death in your immediate family, there are number of things you'll need to consider. Will you receive life insurance benefits and how much of your debt/expenses will this benefit cover? Who are the listed beneficiaries of RRSPs and RRIFs? What about jointly held property and other assets? If no beneficiaries are named, these assets may simply become part of the estate and additional fees may be incurred.
Hopefully the deceased has left a valid and up-to-date will and named an executor. If so, the most important first step is to contact the executor and notify them. If there is no will—or in the event that you've been named executor—contact a lawyer as soon as possible.
Did you know, during probate, gains on non-registered capital assets are treated as if they had been sold, and they are taxed as capital gains at the applicable rate. Meet with an Island Savings Investment Advisor to discuss possible tax-sheltering tips.
Ask us for help
With the loss of a loved one, you may feel that you're alone in figuring out what to do next. The fact is your community is full of people and organizations that offer help and support. All you need to do is ask. Island Savings is here to help you find the resources that will help you through this difficult time.
Have a question? Simply contact us and we'll provide you with the information you're looking for.
Use our contact form to send us a message—we'll reply to you with the details you're looking for shortly.
If you're more comfortable coming in to see us, we'd be happy to chat with you about the questions you have.
If you’d like to call us, here is a complete list of our branch and insurance office numbers.