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Every Canadian should have a will. Whether you have children, are married or divorced and whether or not you think you have a small or large estate, a will ensures that, upon your death, the distribution of your assets will be carried out in accordance with your wishes. If you die without a will, your estate will be administered pursuant to certain provincial legislation and your beneficiaries may be subjected to unnecessary costs, delays and even litigation.  

It is also important for many people to plan for circumstances where they are no longer able, due to either a mental or physical condition, to take care of their property or to properly attend to their personal care. To assist people facing this situation, powers of attorney may be a valuable tool.  There are two types of Powers of Attorney – one for assets and one for personal care.  Powers of Attorney are used to allow you to designate someone to act in your stead to deal with your assets or personal care if you are incapacitated or otherwise unable to manage your financial or health care needs.

If you do not already have a will or powers of attorney, the lawyers of our firm are available to discuss your estate planning needs.  If you already have an estate plan, it remains important to review this plan from time to time to ensure that legal developments and legislative changes do not adversely impact your expectations.  It is also important to review your will to ensure its currency as life circumstances change.

Planning Guide

In anticipation of meeting with one of our lawyers who specialize in estate planning, you may want to consider the following issues and questions:

Pre-existing Will
Family Situation and Potential Beneficiaries
Current Assets
Determine your Estate Planning Objectives
Choose an Executor of your Estate
Testamentary Wishes

Pre-existing Will

• Do you have a will?
• If so, when was your will prepared?
• Do you have a hand-written will?
• Did a lawyer prepare your will?
• Have you made any changes to your will?
• Did you arrange to have a codicil prepared to change your will or did you attempt to make the changes yourself?
• When was the last time you reviewed your will?
• When was the last time a lawyer reviewed your will?
• Has your personal situation changed since the date of your will?

Family Situation and Potential Beneficiaries

• Are you married?
• Does your will pre-date your marriage?
• Do you co-habit with someone in a common-law relationship?
• Do you have children or are you expecting a child?
• Do you have any special considerations such as an adopted or disabled child?
• Are your children married?
• Do you have grandchildren?
• Are you divorced?
• Is your spouse previously divorced?
• Do you or your spouse have children from a previous relationship?
• Have there been deaths in the family?

Current Assets

• What assets do you have?
• Investments and RRSP’s
• Bank Accounts
• Pensions
• Savings
• Real Estate
• Life Insurance Policies
• Automobiles
• Jewelry
• Collections (i.e. art, stamps, coins, etc.)
• Household belongings
• Are any of your assets held jointly?
• Have you already designated beneficiaries for any of these assets?

Determine your Estate Planning Objectives

• Do you want to leave your estate to your spouse?
• Do you want to divide your estate between your children?
• Do you want to leave something to your grandchildren?
• Do you want to leave anything to your siblings?
• Do you have any specific bequests or legacies that you would like to make
• Consider the tax implications

Choose an Executor of your Estate 

• Choose an executor, which is the person responsible for administering your estate, dealing with funeral arrangements and ensuring that all of your beneficiaries receive the property that you have left to them.
• Consider choosing an alternate executor in the event that your first choice is unable to act for you.
• If you have minor children, consider the appointment of a guardian in the event that something should something happen to both you and your spouse at the same time.

Testamentary Wishes

• Do you feel strongly about cremation?
• Have you pre-arranged your funeral/burial?
• Do you feel strongly about organ donation?