Estate planning ensures your wishes are carried out and your loved ones are protected when you're no longer able to make decisions. It's not just for the wealthy - everyone needs a plan to protect their family.
Important: Over 50% of Canadians don't have a will.
Without a Plan: The government decides how your assets are distributed according to provincial laws.
Without a Plan: The government decides how your assets are distributed according to provincial laws.
Essential Estate Planning Components
Will
Direct how your assets are distributed and name guardians for minor children.
Power of Attorney
Designate someone to manage your finances if you become incapacitated.
Healthcare Directive
Specify your medical care wishes and appoint a healthcare proxy.
Beneficiary Designations
Ensure life insurance, RRSPs, and TFSAs pass directly to named beneficiaries.
Why Estate Planning Matters
- Protect Your Family: Ensure loved ones are provided for according to your wishes
- Name Guardians: Choose who will care for your minor children
- Minimize Taxes: Strategic planning can reduce estate taxes and probate fees
- Avoid Disputes: Clear instructions prevent family conflicts
- Ensure Business Continuity: Plan for succession of family businesses
- Protect Assets: Shield assets from creditors and litigation
How Life Insurance Supports Estate Planning
- Provides immediate tax-free cash for beneficiaries
- Covers estate taxes and probate fees
- Equalizes inheritances among children
- Funds buy-sell agreements for business owners
- Creates a charitable legacy
- Replaces assets used to pay final expenses
When to Review Your Estate Plan
- Marriage or divorce
- Birth or adoption of a child
- Death of a beneficiary or executor
- Significant change in assets
- Move to a new province
- Change in health status
- Every 3-5 years as a general rule
Start Planning Your Legacy
Our advisors can help you understand how insurance fits into your estate plan.
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