Thoughtful Estate Planning

If you have accumulated assets during your lifetime, you likely will want to ensure that wealth transitions cost effectively

Personal record keeper

Take the time to document the important information in your life, such as your household accounts, savings and insurance plans, and who your professional advisors are. Not only is this a convenient way to keep a better handle on your personal and financial information, it also becomes an invaluable tool for your loved ones should anything happen to you.  You can try this record keeper to store your notes.

Will planning checklist

There are many decisions you will have to make when you draft a Will. If not thoroughly considered, some of these decisions can have unintended consequences.

Review your family's needs and ability to maintain their lifestyle if something happens to you. Check the beneficiary designations for accounts such as your RRSP, RRIF, RESP, DPSP (deferred profit-sharing plan), pension plans, and life insurance policies.

The value of naming a beneficiary

In Ontario, the value of naming a beneficiary can be significant. If you name a beneficiary, an insurance company is obligated, under the Insurance Act, to pay any death benefit proceeds to the named beneficiary on record. Because the death benefit proceeds do not pass through the estate, they not only avoid the delays of settling the estate but also bypass probate and other estate administration fees.