Accepting one’s own mortality is a tough pill to swallow. As such, estate planning can be a morbid topic that lingers in the background of our lives ominously. Nobody wants to plan for their own death! However, the repercussions your family will face are dire if you delay preparing for the unforeseen curveballs that life throws our way.
In order to ensure that our families are secure with a strong foundation no matter what occurs in the future, Canadians must be proactive. With that being said, we will look at the most important elements of estate planning that must be addressed.
With a Will, There’s a Way
Possessing a will that is updated is the most pivotal part of estate planning. A will protects your ability to determine how your finances are managed upon passing away or becoming incapable. Asset distribution will become a timely and costly endeavour for family members if you do not have a valid will as “the government gets to decide who your beneficiaries are and how your assets will be divided up”. 1