{"id":30964,"date":"2025-12-18T15:25:29","date_gmt":"2025-12-18T20:25:29","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/?p=30964"},"modified":"2025-12-18T15:25:31","modified_gmt":"2025-12-18T20:25:31","slug":"estate-planning-that-preserves-your-assets-and-your-familys-relationships","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/estate-planning-that-preserves-your-assets-and-your-familys-relationships","title":{"rendered":"Estate planning that preserves &#8216;your assets and your family&#8217;s relationships&#8217;"},"content":{"rendered":"\n<p>Many Canadians are aware of the importance of <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/solutions\/estate-planning\">estate planning<\/a>. 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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>&#8220;Estate planning isn\u2019t something you do for yourself\u2014you do it for the people you love who will be left behind or who will take care of you when you can\u2019t care for yourself,&#8221; she explains. &#8220;To make a meaningful difference through estate planning, Canadians should prioritize planning, regardless of whether their intended heirs are family, friends or charities.&#8221;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-impact-of-delaying-your-estate-planning\">The impact of delaying your estate planning<\/h2>\n\n\n\n<p>Ignoring estate planning\u2014or doing it improperly\u2014can lead to confusion, hurt feelings, economic impact and, in the worst situations, <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/what-to-know-about-estate-litigation-and-how-you-can-help-avoid-it\">litigation<\/a>, says Ms. Kaufman.<\/p>\n\n\n\n<p>Seeking advice can be invaluable for avoiding such unintended outcomes, she notes. &#8220;Skilled advice is critical to ensure that your estate plan can preserve both your assets and your family\u2019s relationships, but also to get everything documented in a way that can be supported administratively and more importantly, legally, when the time comes.&#8221;&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-estate-planning-first-steps\">Estate planning first steps<\/h2>\n\n\n\n<p>For those who don&#8217;t know where to start, Ms. Kaufman recommends to &#8220;at the very least, <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/video-do-you-have-a-will-the-wealthy-barber-on-why-you-need-one\">make sure you have a Will<\/a> and <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/video-what-is-a-power-of-attorney\">power of attorney<\/a> in place. And think critically about whom you are naming to act as your <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/solutions\/estate-solutions\">executor<\/a>, <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/solutions\/power-of-attorney-for-property\">power of attorney<\/a> or trustee.<\/p>\n\n\n\n<p>&#8220;Consider an individual\u2019s capabilities, reliability and potential conflicts of interest. These roles carry significant responsibility and expertise, so they aren\u2019t for everyone, and <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/are-you-an-executor-three-reasons-why-you-should-get-help\">not everyone is an appropriate choice<\/a>.&#8221;<\/p>\n\n\n\n<p>In addition to having a plan, her best advice, regardless of the intended final recipient &#8220;is to <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/the-wealthy-barber-on-why-its-important-to-talk-about-estate-planning\">communicate intentions ahead of time<\/a> so that there are no surprises when the time comes.&#8221;<\/p>\n\n\n\n<p>Ms. Kaufman adds, &#8220;revisit your estate plan regularly on key life events\/milestones, and generally every few years to make sure that nothing has changed\u2014either in the tax or other laws, or in your or your beneficiaries\u2019 personal circumstances\u2014that might alter the plan.&#8221;<\/p>\n\n\n\n<p><em>This article was originally published <\/em><a href=\"https:\/\/www.theglobeandmail.com\/business\/adv\/article-estate-planning-that-preserves-your-assets-and-your-familys\/\" target=\"_blank\" rel=\"noreferrer noopener\">in The Globe and Mail <\/a><em>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In addition to having a plan, communicating your intentions ahead of time can help ensure there are no surprises.<\/p>\n","protected":false},"author":22,"featured_media":30967,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,10],"tags":[100,138],"rbcwm_content_owner":[609],"rbcwm_need":[68,84],"rbcwm_segment":[66],"rbcwm_solution":[82],"rbcwm_topic":[94],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-30964","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-estate-planning","category-wealth-planning","tag-estate-planning","tag-wealth-planning","rbcwm_content_owner-royal-trust","rbcwm_need-grow","rbcwm_need-protect","rbcwm_segment-individuals-and-families","rbcwm_solution-wealth-planning","rbcwm_topic-your-wealth"],"acf":{"rbcwm_subtitle":"In addition to having a plan, communicating your intentions ahead of time can help ensure there are no surprises.","rbcwm_post_author":"","rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":"","perspective_disclaimer":"","expandable":"","omit_from_pages":"","disclaimer_footnote":"This document has been prepared for use by the RBC Wealth Management member companies, RBC Dominion Securities Inc.*, RBC Phillips, Hager &amp; North Investment Counsel Inc., RBC Global Asset Management Inc. Royal Trust Corporation of Canada and The Royal Trust Company (collectively, the \u201cCompanies\u201d) and their affiliate, Royal Mutual Funds Inc. (RMFI). *Member \u2013 Canada Investor Protection Fund. Each of the Companies, RMFI and Royal Bank of Canada are separate corporate entities which are affiliated. \u201cRBC advisor\u201d refers to Private Bankers who are employees of Royal Bank of Canada and licensed representatives of RMFI, Investment Counsellors who are employees of RBC Phillips, Hager &amp; North Investment Counsel Inc., Portfolio Managers who are employees of RBC Global Asset Management Inc., Trust Advisors and Will and Estate Advisors who are employees of The Royal Trust Company or Royal Trust Corporation of Canada, or Investment Advisors who are employees of RBC Dominion Securities Inc. In Quebec, financial planning services are provided by RMFI which is licensed as a financial services firm in that province. In the rest of Canada, financial planning services are available through RMFI or RBC Dominion Securities Inc. Estate and trust services are provided by Royal Trust Corporation of Canada and The Royal Trust Company. If specific products or services are not offered by one of the Companies, clients may request a referral to another RBC partner. The strategies, advice and technical content in this publication are provided for the general guidance and benefit of our clients, based on information believed to be accurate and complete, but neither the Companies, RMFI, nor Royal Bank of Canada, nor any of its affiliates nor any other person can guarantee accuracy or completeness. This publication is not intended as nor does it constitute tax or legal advice. Readers should consult a qualified legal, tax or other professional advisor when planning to implement a strategy. This will ensure that their individual circumstances have been considered properly and that action is taken on the latest available information. Interest rates, market conditions, tax rules, and other investment factors are subject to change. This information is not investment advice and should only be used in conjunction with a discussion with your RBC advisor. None of the Companies, RMFI, Royal Bank of Canada nor any of its affiliates nor any other person accepts any liability whatsoever for any direct or consequential loss arising from any use of this report or the information contained herein. In certain branch locations, one or more of the Companies may carry on business from premises shared with other Royal Bank of Canada affiliates. Notwithstanding this fact, each of the Companies is a separate business and personal information and confidential information relating to client accounts can only be disclosed to other RBC affiliates if required to service your needs, by law or with your consent. Under the RBC Code of Conduct, RBC Privacy Principles and RBC Conflict of Interest Policy confidential information may not be shared between RBC affiliates without a valid reason.\r\n\r\nRBC Wealth Management is a business segment of Royal Bank of Canada. Please click the \u201cLegal\u201d link at the bottom of this page for further information on the entities that are member companies of RBC Wealth Management. The content in this publication is provided for general information only and is not intended to provide any advice or endorse\/recommend the content contained in the publication.\r\n\r\n\u00ae \/ \u2122 Trademark(s) of Royal Bank of Canada. Used under licence. \u00a9 Royal Bank of Canada 2025. All rights reserved."},"rbcwm_insight_cta_id":[11937],"rbcwm_pagination":{"next_link":"","next_link_text":"Next article","previous_link":"","previous_link_text":"Previous article"},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":false,"rbcwm_toc_selector":"h2"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Estate planning that preserves &#039;your assets and your family&#039;s relationships&#039;<\/title>\n<meta name=\"description\" content=\"In addition to having a plan, communicating your intentions ahead of time can help ensure there are no surprises.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.theglobeandmail.com\/business\/adv\/article-estate-planning-that-preserves-your-assets-and-your-familys\" \/>\n<meta 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