Planning & Advice
Estate Planning
Wills
Everyone should have an estate plan in place, complete with a will. This ensures that financial affairs are resolved quickly at your death and that your loved ones benefit from your estate and lose as little as possible to taxation.
Why you need a will
The most important part of your estate plan is a valid, up-to-date will. If you die without a will, the government simply distributes your estate according to provincial law. Not according to your wishes. Only with a will can you ensure that your wishes are fulfilled.
The best way to create a will is to work with an expert. Many do-it-yourself will packages leave details open to legal interpretation. So it pays to get good advice.
It also pays to have your will updated regularly by your professional advisor. Your acquisition of assets and a new child, for example, are good reasons to keep your will current. You should also know that getting married invalidates your existing will.
How to distribute your estate
Distributing your estate is more complicated than simply dividing things among your heirs. You need to determine the value of your assets from pensions, investments, real estate and personal property. You also need to know which assets you own jointly with your spouse and who are the beneficiaries of your RRSPs and insurance policies.
Then you must appoint an executor, the person who will see that your wishes are met. Lastly, you must decide on your goals. Most people want to maximize the value of their assets and protect them from excess taxation. It also makes sense to leave behind enough liquid assets (cash, stocks or bonds) so that your executor doesn’t have to sell physical or family assets to pay taxes.
Our planning guide can help you
When you are unable to help yourself
We recommend that in addition to your will you prepare an enduring power of attorney and a representation agreement. These legal documents are designed to protect you and your family should ill health prevent you from making decisions about your affairs on your own.
An enduring power of attorney lets you appoint somebody you trust to look after your financial and legal affairs if you are unable to. It allows your attorney, for example, to act for you if you become mentally or physically infirm.
A representation agreement is your appointment of a trusted person to represent your wishes regarding your health care in the event infirmity of any kind makes it impossible for you to made decisions on your own. This is particularly important if you have express wishes concerning specific medical treatments or medications.
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