Over the last few years, the topic of estate planning has been coming up in a lot of my meetings with clients.  In most cases my clients want to make sure that they have a plan in place for their Estate.  In other cases, my clients have elderly parents that need estate planning advice.

 

As a result, I wanted to share some thoughts on estate planning.

 

Firstly, make a list of all of your assets. Secondly, get clear on what you want to have happen with your assets.  Note that registered assets such as RSPs, RIFs, TFSAs, LIRAs etc can be transferred directly to a beneficiary through the beneficiary or successor holder designation. Insurance proceeds and segregated funds can also be passed directly to a named beneficiary.

 

 

Assets held in joint with right of survivorship accounts can be passed to the joint account holder and as a result will not be passed through the Will.

 

 

 

All remaining assets (real estate not held jointly, investment and bank accounts in sole name) will go through probate and will be passed through the Will.

 

Below are some items you may want to consider/review at this time to make sure your estate is passed on efficiently:

 

-If you have any physical stock share certificates ensure you deposit them into an investment account.

 

-If you have any life insurance policies make sure to review the death benefit, that  they are paid up, and that there is a beneficiary named.

 

-If you have small amounts in bank accounts or investment accounts consider closing them to help simplify your estate.

 

-Make sure that your spouse has access to the bank account and a credit card in his/her name.

 

Communicating your intentions with your family is a good idea to avoid any surprises or potential conflict when your Will is read after your passing.

 

When choosing your Power of Attorney for Property and Executor(s) be sure to speak to your potential candidates so that they understand the responsibility that comes along with the job.  If you are unsure who to name or you do not want to put the burden on anyone, you can name a corporate executor/trustee such as Royal Trust.

 

It is important to have a professional prepare your Will along with your Power of Attorney for Property and Personal Care.

 

Tell your Power of Attorney and Executor(s) where you keep your Will and other important documents, including a list of assets and statements. You should also include the contact information of all of your advisors, professionals, lawyers, accountants etc. 

 

On the resources page of my website you can find helpful articles and checklists to guide you through the estate planning process. Keep in mind it might be best to simply give me a call to review your unique situation to which I can provide some thoughts.