As part of our ongoing Financial Wellness series, we’re sharing information and resources to help IBEW Local 353 members make informed decisions about their financial future. This week, we’re focusing on estate planning and the importance of preparing for the future. Estate planning helps you to protect what matters most – the people you care about.

Estate planning helps ensure that your wishes are carried out after your death. An important part of estate planning is preparing a will, which can help ensure that your dependents and beneficiaries have income and/or assets for their ongoing needs after your death. Not sure who should be your beneficiary? Watch this short video to learn more about beneficiaries: https://www.youtube.com/watch?v=6Z2iwBrBzQ0.

A will outlines how your property and money will be distributed. It can name specific people or charities. That’s entirely up to you. Having a will is extremely important because, without one, settling your affairs can become more complicated and may even require court involvement. That process can take time and create additional stress for your loved ones. Every adult should have a will.

There are several reasons to consider estate planning. It can help make sure your loved ones are taken care of, minimize potential family disputes, communicate your wishes about how your affairs should be managed, and help you consider costs and taxes. Most importantly, having a plan in place can provide peace of mind.

The goals of an estate plan are to understand your current financial status and outline your wishes about your estate after your death. Key elements of estate planning are:

  • A properly drafted will,
  • Ensuring insurance arrangements and beneficiaries are up to date – e.g., pension, life insurance, accident insurance and critical illness insurance, registered retirement savings plans, tax free savings account, and
  • Various trust arrangements (spouse trust or family trust).

Tools of estate planning to consider:

  • Power of Attorney — A legal document that allows someone you designate (“the attorney”) the power and authority to act on your behalf.
  • Power of Attorney for Personal Care — A legal document that names a trusted person (your “attorney” or substitute decision-maker) to make health and personal care decisions on your behalf if you become mentally incapable of making them yourself
  • Name an executor — A trustworthy person who you ask to be responsible for executing your wishes.
  • Will — A legally binding declaration of a person’s wishes dealing with the division of their estate after death.
  • Trusts — A trust is a legal entity that you can create to hold various types of assets.

Now is the perfect time to start planning for the future. If you don’t have a will, you can create one at a discounted rate through Canada Life’s partnership with ClearEstate. IBEW Local 353 members can create a legal will and power of attorney documents online in less than an hour, starting at $60 plus tax. Simply visit this page https://www.clearestate.com/partners/canada-life-ws and select “Start your will now” to sign up for a free account. You can start creating your will at any time and pay only when it’s ready. It really is that simple. If you have questions, you can call them at 1-866-795-1827.

ClearEstate will help you prepare your will and you will pay ClearEstate directly.   Neither TEIBAS nor IBEW Local 353 will have any involvement in the preparation of your will.

Remember: to consult with an estate planning lawyer, as they can help you make the plan that is best for you.

Did you know? Your Telus Health Member Assistance Program (MAP) also provides information on wills and estate planning including tips and planning toolkits. Why not start your estate planning now to protect your wishes and your assets.

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