Chapter 2: Planning for after death
Estate planning
I was so grateful the will and final arrangements were in place. It made it so much easier for us afterwards, not having to make those decisions when we were grieving.
Estate planning is often a neglected part of financial planning, but it is the pathway for how someone’s property and money will be distributed after they die.
An estate can consist of several documents including the following. Click the arrows to view.
A will.
A list of key assets and investments.
A list of liabilities such as a mortgage or loans.
Insurance policies.
A list of retirement investments (RRSPs, LIFs/RRIFs) and their beneficiaries (whether specific people, organizations, or the estate).
A will is a legal document that coordinates the distribution of a person’s assets after they die. It is an important part of future planning because it serves as a tool for communicating a person’s final wishes. If children are involved, a will includes
guardianship and future intentions of items such as trust funds for them. However, if a will is not made, a person’s assets can be divided up according to provincial or territorial laws.
A will does not come into effect until after someone dies. At that time, all powers of attorney that were in effect while the person was alive cease.
Words of wisdom
Laws regarding financial and estate planning are unique to each province and territory. Contact a lawyer, legal support organization, or financial planner in your area.
