Over the last few weeks I’ve shared thoughts and information around some of the technical aspects of estate planning and where I’ve seen many people come up short (see links below).

I broke open the can of worms with the alarming statistic that fewer than half of Canadians have made a will, regardless of how much wealth they have to pass along!

So first, if you belong to the half who have NOT prepared a will, decided who will walk in your shoes if you’re incapable, and chosen an executor to settle your estate and share your wealth with your beneficiaries… then please, please, PLEASE make the time to settle these things NOW.

For those of you who’ve wrapped up those pressing decisions and choices, now it’s time to have the serious conversations with those you’ve hired into important roles.

Which means to say, in addition to drafting the documentation, it’s crucial to talk with your spouse, children, family members and business partners about your values and your desires.

You can imagine that your passing will be a highly emotional time for everyone left behind. This isn’t an IF, it’s a WHEN.

So WHEN you inevitably pass away from this physical sphere, think about all the conversations that will take place:

• Between your children
• Between your siblings
• With your parents, depending on your age
• Amongst your clients, business partners and business collaborators...

Your conversation with these people NOW is your opportunity to get everyone on the same page. You don’t need to leave a single decision to chance, the courts, or the most insistent voice. It’s incumbent on you to make your wishes and goals clear, circumvent disagreement and conflict, and avoid costly litigation and fractured family relationships.

And it’s not all about where your money will go (although financial optimization is an important consideration). The Essential Conversations you need to have include (as thought starters):

• Where to find documents
• Who you've hired as your trusted advisors - accountant, lawyer, wealth management advisor
• Gifting funds, now and/or through your Will
• Explaining why gifts (financial or sentimental) may vary amongst beneficiaries
• Addressing family use vacation properties, ie chalet in Tremblant, cottage on the lake
• Clarifying your organ donation preferences
• Preferences for funeral plans, what happens to your remains, how people can show and share condolences
• Your charitable and/or community causes of importance

From an incapacity standpoint, it’s an IF, not a WHEN, and we can hope that we live to a ripe, old age. But of course, the right thing to do is consider the possibility, and make your wishes about your care & wellbeing clearly known. Make sure you have open, honest conversations about (but not limited to):

• Setting up and designating your Power of Attorney
• When to act on the Power of Attorney
• Who you've chosen as your trusted medical team - doctors, dentist, naturopath, chiropractor, RMT
• Resuscitate orders and organ donation preferences
• Where to find important documents and passwords
• Your preferences for living arrangements, clothing, food and medical attention

Last year I wrote about the Essential Family Conversations that I needed to have to support members of my family in the aging process. Writing about Estate Planning brings much of that same conversation back into the forefront.

And I’m STILL having those conversations, because it’s not One & Done. Situations change; so do our choices. Please keep having these conversations, and dive deeper into all the information that’s available to you:

Read the rest of the series on estate planning:

What Prince, Aretha, and 50% of Wealthy Canadians got wrong
Who will walk in your shoes, if you can’t?
Estate Executor: Honour or Burden?
Essential Family Conversations: Transitions that come with Aging

Join me for the remaining Spring Estate Planning Seminars:

Your executor – what you need to know before you hire yours
Wednesday, May 22, 2019 | 2:00 p.m. – 4:00 p.m.

Essential family conversations – protecting yourself and your wishes
Wednesday, June 12, 2019 | 2:00 p.m. – 4:00 p.m.

These are hands-on, practical, informational workshops to learn important estate planning considerations and strategies. Downtown Ottawa location details will be sent to you when you RSVP here.

Apply here for a Personal Prosperity Discovery Session to learn how to build your Roadmap to Real Riches - a fresh take on wealth management that optimizes how you spend, save & share your wealth, including the important preparations involved in estate planning.

Email me here for your copy of the RBC Executor/Liquidator Duties Checklist and the RBC Brochure Your reference guide for acting as an attorney under a power of attorney.