4/29/2023 0 Comments Vancity mymoney![]() beneficiary designations on your RRSP, RRIF, TFSA and life insurance policies.representation agreement for personal and healthcare decision making.enduring power of attorney for financial and legal decision making.Other elements of an estate plan may include: it describes how your assets are to be distributed to your beneficiaries.it appoints an executor to administer your estate.There are many aspects of estate planning, but the most important document is your will. But the turmoil caused by not planning can be much greater, especially for your family.Įveryone should have at least a basic plan in place, but it may need to have more pieces depending on your circumstances. Understandably, discussing death can be unsettling and even frightening for many people. It can also help you and your loved ones pay substantially less in taxes, fees and court costs. The basic goal of an estate plan is to ensure your affairs can be taken care of when you can’t do it for yourself – for example, if you become incapacitated or die. Your estate is everything you own – your car, home, other real estate, chequing and savings accounts, investments, life insurance, furniture, personal possessions, even your digital assets like frequent flyer miles and social media accounts. In reality, everyone has an estate and planning what happens to it isn’t just for the wealthy. However, that’s not what we mean when we talk about estate planning. ![]() To support the island’s economy further, which was hit hard by pandemic lockdowns, Vancity is giving away a three-night stay in Alert Bay to explore this harbourside community and appreciate its rich history in person.When you hear the words “estate plan,” do you think of a fancy mansion surrounded by acres of land? If so, you’re not alone. In partnership with the ‘Namgis First Nation and the Village of Alert Bay, the community has continued to grow into a healthy, financial one, where residents’ and members’ well-being comes first. Through a meaningful community partnership, Vancity has developed an innovative model of banking on Cormorant Island. “Vancity is proud to serve this community and contribute to the local economy by providing the same banking services that all Vancity members have access to.” ![]() “Alert Bay is a unique and special place - a centre of cultural reclamation and heritage of the Kwakwaka’wakw peoples,” says Laviolette. “The ‘Namgis and the Village of Alert Bay developed a joint economic strategy called ‘Tides of Change,’ and approached Vancity for help … To be sustainable, we experimented with a system of remote management and specialist advice, and this has worked well.” A credit union that has your backĪfter eight years in the community, Vancity has established itself in the Village of Alert Bay as a trusted financial institution, putting down roots and working with community members to better serve their individual needs and financial goals. This causes the branches in more remote communities to shut down, even though these communities need them the most. Because the traditional staffing model of operating a branch in-person can get costly, it often makes financial sense for them to operate in larger markets. When speaking about this closure, Laviolette explains that financial institutions often look at the profitability of their individual branches when making decisions. ![]() “The greater effect was that people spent their paycheques in Port McNeill instead of Cormorant Island businesses,” Laviolette tells Daily Hive. This meant residents had to leave their community and take a ferry to Vancouver Island to visit the nearest bank in Port McNeill - a 45-minute ferry ride away - to do any banking. Laviolette shared that, in 2014, the credit union in Alert Bay closed unexpectedly, which left the community without any financial institution. ![]()
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