It can be hard to see things clearly when you’re going through a personal loss or adversity. Having a financial plan can give you a fresh perspective.
Talking to your parents about their wishes can ease emotional decisions down the road. Your financial planner can help you navigate the big questions.
Do They Have a Will?
As your parents get older, it’s important that you know where they keep their Will—especially if you’ve been named as their executor (liquidator in Quebec). If they don’t have a Will or haven’t updated it in a while, encourage them to meet with trusted advisors to get started.See Dying Without A Will
Have They Set Up a Power of Attorney?
A Power of Attorney (POA) (Mandate in Quebec) designates a trusted person to handle important affairs—such as finances and/or health matters—when an individual is no longer able to. By setting up a POA, your parents can feel confident they will be taken care of down the road.
Do They Have a Listing of Assets and Liabilities?
Knowing where to find your parents’ key financial information—such as bank accounts, property details, investments and debts—will make it easier for you to settle their estate or act as their Power of Attorney.
Have They Considered Tax, Probate and Estate Administration Costs?
If your parents are planning to leave funds from insurance policies and/or registered plans, these assets can pass to their heirs directly and “outside” of the Will, potentially saving time and reducing fees and taxes.
Have They Made Funeral Arrangements?
While funeral planning is a difficult discussion, pre-planning can ensure your parents have the kind of service that reflects their values and wishes—and avoids potential family misunderstandings about what they would have wanted.
Six simple steps to help you create an estate plan, its common elements and more!
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Conversations to Have With Loved Ones
Estate Planning is More Than A Will
Dying Without a Will