Estate Planning

When most people hear the term estate planning, they typically think of their Will. While a valid Will is a fundamental component of any estate plan, several other items should be considered in order to have a complete plan. These include:

• Ensuring all adult family members have valid and up-to-date Powers of Attorney (Mandate in Quebec)
• Evaluating your insurance coverage (e.g. do you have sufficient coverage?)
• Reviewing ownership structures (e.g. which assets will pass through your estate or outside of your estate?)
• Updating beneficiary designations on registered plans and insurance policies
• Planning for taxes at death
• Evaluating advanced estate planning opportunities (e.g. the use of trusts)
• Considering charitable giving
• Making pre-planned funeral arrangements

Given the wide range of objectives you may want to achieve, proper estate planning requires careful consideration of many factors. Often, in an effort to minimize income taxes or avoid probate taxes, another objective is thwarted. For this reason, it’s important to weigh and balance the costs and benefits of different courses of action.

Helping your family settle your estate

The last thing you want your loved ones worrying about is tracking down records of assets, accounts, policies, liabilities, legal contracts, and other documents required to settle your estate.

The Family Inventory checklist gathers all the necessary documents and details in one place to help ensure all assets are accounted for and considered, and that your loved ones are taken care of. In particular, the checklist will help your beneficiaries:

• Locate necessary documents
• Identify professional advisors
• Estimate the value of personal assets
• Consolidate a record of personal and business investments
• Itemize real estate, life insurance and pension plan information
• Keep track of the latest Wills and Powers of Attorney

Contact us for a free copy of the Family inventory checklist.