5 Conversations to Have

1.What Matters to Your Family and Friends?

Talk to your loved ones before making big decisions about your executor, guardians for minor children and the assets you plan to leave to each person. You may be surprised by what you learn. For example, if you have multiple children and a family cottage to pass down, it can help to avoid conflict later on to find out how they want to use the cottage in the future.

See Passing Along the Family Cottage
2.Choosing Your Executor (Liquidator in Quebec)

An executor is the person(s) or corporation responsible for carrying out your wishes. You could name a trusted friend or friends as your executors, but keep in mind that the person you name is not obligated to take on the role. It is a good idea to check in with your executor(s) to see if they are comfortable with the role.

See Settling an Estate
3.Establishing a Power of Attorney (Mandate in Quebec)

A Power of Attorney is a legal document that lets you give another person (or people) the authority to act on your behalf. The Power of Attorney can be used to make key decisions about your finances, property and even your personal care.

4.Care for Your Minor Children

If you have minor children, name an official guardian in your Will. This provides courts with your written wishes. Keep in mind that courts will always act in what they consider a minor child’s best interest, which is generally, but not always, the person you designate. It’s also a good idea to talk to your intended guardian to make sure he or she is willing and able to take on this role.

5.Your Will and Other Important Documents

Make sure your family or executor knows where your Will, insurance policies and other important documents are located. If you don’t have a Will or life insurance in place yet, a financial planner can help you get started.

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RBC Financial Planning is a business name used by Royal Mutual Funds Inc. (RMFI). Financial planning services and investment advice are provided by RMFI. RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.
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