If you are like most Canadians, you’ve worked hard during your lifetime to provide for yourself and your family. During your lifetime you have probably accumulated some assets, perhaps a home, a car, a cottage and some investments. Having worked hard to accumulate these things, we know that you want to protect them and ensure that they are used and distributed according to your wishes upon your death.

Estate Planning means putting together a strategy to protect, increase and manage your estate. It involves many different professions, all employed to the betterment of your personal situation. While it may seem complex at first, you will quickly realize it does not have to be, and there are plenty of professionals available to assist you.

Goals of Estate Planning

                           ♦  A good Estate Plan should address 4 key goals:

                          ♦   Provide adequate protection for the premature death or disability of a family member

                          ♦   Provide arrangements to minimize taxes during your lifetime and at death

                          ♦  Provide a plan to meet retirement income needs

                          ♦   Provide a plan for the orderly distribution of your estate

Estate Planning Checklist

                Here are some of the details you may want to consider in developing an estate plan to protect your estate.

♦   Determine the tax liability at death based on your current financial position and review strategies to assist in tax planning.

♦   Determine total expenses anticipated at death and ensure sufficient assets, including life insurance are in place to cover the needs of your dependants.

♦   Determine if life insurance can be used effectively as an equalizer, offsetting property to some beneficiaries and allowing cash to go to other beneficiaries.

♦   Determine your goals for distribution of your estate and ensure your Will is current.

♦   If you wish to make a charitable donation to a charity, church, school or other organization, ensure this is communicated in your Will.

♦   Determine if a Trust should be used for the provision of some or all beneficiaries. Example: Minor age children or handicapped children)

♦   If you wish to make organ donations, fill out the back of your driver’s license and communicate this information with close family, your doctor and Medic-Alert if applicable.

♦   Determine your wishes for personal care and review with your family doctor. Then prepare a “Power of Attorney for Personal Care”.

♦   Consider having a “Living Will” to provide a contingent plan if you are unable to look after your financial obligations during your lifetime.

♦   Determine whom your best candidates for executors, trustee and guardians of minor age children should be. Consider whether a trust company is required.

♦   Determine your funeral wishes and discuss with your family. Decide if you should pre-arrange your funeral and / or pre-pay the funeral costs.

♦   If you are a business owner or shareholder, complete your business planning, too. If you have partners, do you have a “Unanimous Shareholder’s Agreement” in place? Complete a business plan if you want your business to survive your death or disability.

♦   Determine whether an “Estate Freeze” is to your advantage on property you own.

The Estate Planning checklist is a starting point. Every plan is unique to the individual and you may find you have other issues to determine during the process. If you own a farm or business, you may want to have discussions with your family, once you have started into the planning process.