How can estate planning reduce taxes and costs for my heirs?

Estate planning reduces both taxes and costs for your heirs. On taxes: while federal estate taxes may not apply to everyone, provincial estate or inheritance taxes might, and strategies such as gifting, charitable giving, and trusts can minimize the tax burden and preserve more wealth within the family — higher-net-worth individuals especially benefit. On costs: proper planning helps avoid the expensive, time-consuming, and emotionally draining probate process, with tools such as living trusts, joint ownership arrangements, and beneficiary designations on financial accounts and insurance policies allowing many assets to bypass probate entirely.