In addition to having a plan, communicating your intentions ahead of time can help ensure there are no surprises.
Many Canadians are aware of the importance of estate planning. After all, it can help to protect their assets, provide for loved ones and ensure their wishes are followed. Yet there is a gap between knowing this is important and taking concrete steps toward being prepared.
Their reasons for delaying key decisions may be psychological, financial or logistical, yet timely action is critical, believes Leanne Kaufman, president and CEO, RBC Royal Trust.
“Estate planning isn’t something you do for yourself—you do it for the people you love who will be left behind or who will take care of you when you can’t care for yourself,” she explains. “To make a meaningful difference through estate planning, Canadians should prioritize planning, regardless of whether their intended heirs are family, friends or charities.”
Ignoring estate planning—or doing it improperly—can lead to confusion, hurt feelings, economic impact and, in the worst situations, litigation, says Ms. Kaufman.
Seeking advice can be invaluable for avoiding such unintended outcomes, she notes. “Skilled advice is critical to ensure that your estate plan can preserve both your assets and your family’s relationships, but also to get everything documented in a way that can be supported administratively and more importantly, legally, when the time comes.”
For those who don’t know where to start, Ms. Kaufman recommends to “at the very least, make sure you have a Will and power of attorney in place. And think critically about whom you are naming to act as your executor, power of attorney or trustee.
“Consider an individual’s capabilities, reliability and potential conflicts of interest. These roles carry significant responsibility and expertise, so they aren’t for everyone, and not everyone is an appropriate choice.”
In addition to having a plan, her best advice, regardless of the intended final recipient “is to communicate intentions ahead of time so that there are no surprises when the time comes.”
Ms. Kaufman adds, “revisit your estate plan regularly on key life events/milestones, and generally every few years to make sure that nothing has changed—either in the tax or other laws, or in your or your beneficiaries’ personal circumstances—that might alter the plan.”
This article was originally published in The Globe and Mail .
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