Financial Planning - Who Gets Paid First When You Die

Who gets paid when you die first? It’s not your family. Have You Ever Really Looked at the Language in a Will? Consider this common statement:

"Pay my debts, funeral expenses, income taxes, and all other levies such as estate taxes payable in connection with any property passing upon my death, as well as the expenses of administering my estate."

It’s a mouthful, right? But did you notice what’s not mentioned first?

Debts Come Before Loved Ones

Nowhere in that line did we say: "Take care of my spouse, my children, or my grandchildren."

That’s because debts, income taxes, and estate taxes come first. Only then does the residue—what’s left—go to your loved ones and beneficiaries.

What Happens When You Die?

It’s More Than Just Grieving—It’s About Paying Bills

When you pass, ask yourself:

• How is your mortgage paid off?
• What about your Visa or car loan?
• How will your funeral be funded?
• And let’s not forget our dear friends at the CRA—how will those final taxes be covered?

There’s a Smarter Way Forward

Maybe it’s time to have a financial plan put together. As a Certified Financial Planner, I specialize in:

• Creating strategies that maximize wealth
• Reducing income taxes
• Ensuring your money goes to the hands that need it most—your family

At Taylor Insurance and Estate Planning

At Tayler Insurance & Estate Planning, we help business owners grow their wealth, minimize taxes, and protect your legacy. Learn more today.