Preparing Your Estate!!

“Protect yourself, your family and all of your assets.”

Your “estate” is all of the property that you own—from your car, home or other real estate to bank and investment accounts and personal possessions.

What is estate planning?

While creating a Will is an important step in the estate planning process, estate planning is the broader process of creating a detailed plan, in advance, that includes tasks and decisions for the management and disposal/transfer of a person’s assets during their lifetime and after death. It can, together with your Will, serve to help assure that your wishes and intentions are carried out and that your assets can be passed down to your heirs in the most tax-efficient ways.

Key documents in estate planning

Will

This is a guiding legal document in the administration of an estate where you outline your decisions for how property and possessions are to be distributed at death. If an individual passes away without a valid Will, they are said to have died “intestate” and, simply put, this means the provincial or territorial laws determine how the estate will be administered and divided. In other words, individuals lose all choice as to who receives what, and it may also create extra fees, taxes, and delays in administering the estate.

Power of attorney (POA)*

This is a written document that legally authorizes another party to act on an individual’s behalf during their lifetime. It may help to provide personal and financial comfort should you become incapable of making these decisions (due to an accident, significant illness, cognitive condition, etc.).

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Creating an inventory

A beneficial first step in estate planning is building an inventory of what you own and what you owe, as well as other important financial information (e.g. location of your Will, POA/Mandate, insurance policies, digital assets, etc.).?

Key questions in estate planning

1.???? Who will act as executor and administer my estate after my death?

2.???? Who are my beneficiaries?

3.???? How do I want to support them?

4.???? What charities do I want to support?

5.???? Am I transferring assets in a tax-efficient way?

6.???? Which assets will make up my estate?

7.???? Who will act as my power of attorney for property or personal care should I become incapable?

Main wealth transfer options

·??????? Through your Will

·??????? Registered accounts with named beneficiaries or joint ownership accounts

·??????? Gifting assets before death

·??????? Through living trusts

Did you know?

Insurance may be an estate planning option to consider. Why?

• It can provide a tax-free lump-sum death benefit.
• It can provide liquidity in an estate to pay taxes and debt.
• It can provide funds when they are needed the most.

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