ESTATE PLANNING CHECKLIST
ESTATE PLANNING CHECKLIST An estate plan will help protect you, your family and your wealth, now and in the years to come. You can use this checklist to share with an advisor for advice specific to your circumstances. Once you have a plan in place, consider sharing with those close to you so they understand your financial wishes. ASSESS YOUR ASSETS AND LIABILITIES Prepare a personal inventory of all your assets and liabilities Consider the distribution of your assets during your lifetime as well as upon your death Document who should receive items with sentimental value that may not be specifically included in your will Document where to find your financial records, will, powers of attorney, income tax returns, bank accounts, safety deposit box and insurance policies Document the names and addresses of your financial planners, investment advisors and other professional contacts Document the contact details of your executor(s), attorney(s) and beneficiary(ies) of your will
CREATE A WILL Prepare and sign a will, the legal document that is the cornerstone of any estate plan. In addition to naming estate beneficiaries, you will also need to state your preferred: Estate executor(s) Guardian(s) for any dependent children Describe your wishes for your funeral
CHOOSE AN ATTORNEY(S) Prepare and sign a power of attorney, specifying who will handle your personal affairs if you become unable to manage them yourself Grant a power of attorney for health care decisions (also known as a power of attorney for personal care) Let your attorney for personal care know your wishes regarding maintenance or withdrawal of life support
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ESTATE PLANNING CHECKLIST DEAL WITH YOUR DIGITAL FOOTPRINT Make a list of online accounts and social media sites you belong to, including how to access them, and find a safe place to store this information so that a trusted person can change your online accounts after death
PURCHASE LIFE INSURANCE Assess your life and disability insurance protection to assess its coverage of potential costs and to provide for your dependent survivors If you do not have sufficient insurance, research what option would be best and purchase accordingly
IF YOU OWN A BUSINESS Ensure there are exit or succession arrangements in place with any co-owners Establish a plan in the event you are incapacitated or die before transferring your ownership interest Appoint a successor or establish a process for selecting a successor If your business is a qualified small business corporation, take the needed steps to take advantage of the lifetime capital gains exemption on your shares of the business Take the steps needed to minimize the potential tax liability related to your business that your estate may face upon your death
REGULARLY REVIEW Once your estate plan is in place, you’ll need to revisit it from time to time and keep everything up to date Update your will and power of attorney whenever appropriate as your personal situation changes – marriage, children, divorce, death of a family member, a move to another province or country, or if you want to change your beneficiaries, guardian or executor We recommend professional assistance – work with a financial planner and estate lawyer to help you develop an effective plan based on your personal situation
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CREATE A WILL Prepare and sign a will, the legal document that is the cornerstone of any estate plan. In addition to naming estate beneficiaries, you will also need to state your preferred: Estate executor(s) Guardian(s) for any dependent children Describe your wishes for your funeral
CHOOSE AN ATTORNEY(S) Prepare and sign a power of attorney, specifying who will handle your personal affairs if you become unable to manage them yourself Grant a power of attorney for health care decisions (also known as a power of attorney for personal care) Let your attorney for personal care know your wishes regarding maintenance or withdrawal of life support
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ESTATE PLANNING CHECKLIST DEAL WITH YOUR DIGITAL FOOTPRINT Make a list of online accounts and social media sites you belong to, including how to access them, and find a safe place to store this information so that a trusted person can change your online accounts after death
PURCHASE LIFE INSURANCE Assess your life and disability insurance protection to assess its coverage of potential costs and to provide for your dependent survivors If you do not have sufficient insurance, research what option would be best and purchase accordingly
IF YOU OWN A BUSINESS Ensure there are exit or succession arrangements in place with any co-owners Establish a plan in the event you are incapacitated or die before transferring your ownership interest Appoint a successor or establish a process for selecting a successor If your business is a qualified small business corporation, take the needed steps to take advantage of the lifetime capital gains exemption on your shares of the business Take the steps needed to minimize the potential tax liability related to your business that your estate may face upon your death
REGULARLY REVIEW Once your estate plan is in place, you’ll need to revisit it from time to time and keep everything up to date Update your will and power of attorney whenever appropriate as your personal situation changes – marriage, children, divorce, death of a family member, a move to another province or country, or if you want to change your beneficiaries, guardian or executor We recommend professional assistance – work with a financial planner and estate lawyer to help you develop an effective plan based on your personal situation
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