Do you have an Enduring Power of Attorney and a Personal Directive? These are integral parts of an Estate Plan.
Have you decided what will happen to your property after you die?
Without a will, the law decides exactly how your estate (the things you own) will be divided among your surviving spouse, children, siblings, and parents. When you have your lawyer draft a will, you make certain your properties will be honoured. Here is an initial checklist of items to cover.
- Choose a competent executor. You may want to choose a contingent executor, just in case the first dies. You may also want to choose a co-executor.
- Incorporate your will with your spouse’s will. This is referred to as a “Reciprocal Will” What if you and your spouse die at the same time?
- Give instructions regarding the type of funeral wanted.
- Divided assets specifically amongst chosen heirs.
- Possibly include friends or non-family members amongst beneficiaries.
- Ensure heirlooms pass on to other friends or relatives in the event that current beneficiaries die.
- Where children are concerned, define legal guardians and contingent guardians.
- Outline financial arrangements for dependants. Review life insurance to ensure that they provide adequate protection.
- Establish special trust funds and trustees for dependants, where necessary. Consider at what age each child should receive his/her share.
- If divorce is imminent, have your lawyer explain the Family Law Act, defining who has the right to financial support after you die.
- Where a spouse is concerned, be careful not to direct a disposition of RRSP assets, Name beneficiaries on all your RRSP’s to avoid probate where possible.
- Consider assets such as property, which you desire to bequest to charities via your will.
- Talk to family members who may be affected or sensitive to certain elements of your will planning.
- Consider who will take over or manage your business if you are self-employed. Will a trustee be needed for an interim period?
