What is Estate Planning?
Estate planning is a process of creating a plan to distribute your assets, during your life or upon death and to take care of the people and things important to you. Estate planning is important as it helps ensure that your dependents and beneficiaries have income and assets for their ongoing needs after your death.
Why estate plan?
- Ensure your loved ones are taken care of,
- Avoid and minimize family disputes,
- To convey your wishes about how your affairs are to be administered,
- Minimize costs and taxes, and
- 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 to consider:
- Power of Attorney — A legal document that allows someone you designate (“the attorney”) the power and authority to act on your behalf.
- 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.
When should you start?
Now is the perfect time to protect your future. Join us for our final Financial Wellness online seminar for the year on Estate Planning. Sanjay Chadha from Chartered Professional Accountants of Canada will cover an introduction to estate planning on Thursday, September 21st at 7:00 p.m. Sanjay will cover topics such as what a beneficiary means, what a will is, making a will, choosing an executor, and making a list for your executor.
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 (formerly LifeWorks), 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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Questions? We’re here to help! Email us at firstname.lastname@example.org or call us at 416-637-6789, (toll-free