Estate Planning

Leave a Lasting Impression… What’s Your Legacy?

As we get older, we inevitably start to think about estate planning and the legacy we want to leave.  The toughest part of estate planning is getting the conversation started. Estate planning may be the one area of financial management that impacts everyone – after all, it covers both death and taxes.  In Estate Planning, our focus is on how our clients want their assets to be dispersed at their death – it requires a plan to do it properly.  The implementation of new legislation in some provinces has made significant changes to estate planning and has increased the contestability of wills, making a solid estate plan even more important to have.

In addition to family inheritance considerations, there are many ways that a person can leave a lasting legacy to an organization that will permanently benefit the community.  Often, creative and strategic estate planning can allow you to leave a substantial gift to a charity, without a significant reduction to the amount you leave to your family.

Estate Planning Tips:

Make sure your documents are organized and your will is up-to-date.

If you are a business owner, arrangements should be made for continuation of the business.

Keep a personal record that provides details about your advisors, property, investment certificates, other securities, will, life insurance and other insurance policies, bank and trust accounts, income tax returns, personal debts and funeral arrangements.

  • Keep one copy at home, leave one with your lawyers and put one in your safety deposit box. It also makes sense to give a copy to your executor.
  • Keep a copy of your will in your home, and remember to tell a family member where it is.
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Considerations in Estate Planning

Getting the Information You Need

Executor

Beneficiaries

Guardian

Trustee


Power of Attorney

Health Care Directive

Probate

Will