ESTATE PLANNING ONTARIO CHECKLIST UPDATE

How would Nadia ensure her mother was cared for if she predeceased her? How can she be sure her wishes were communicated effectively in case of incapacity? Estate planning offers peace of mind by formalizing answers to those questions.Īs an entrepreneur, moreover, Nadia faces other unique concerns, namely: who’s going to run her business if she no longer can? If Nadia falls ill, loses her mental capacity, or even dies, does she have a plan in place for the succession of her business? Has she communicated how she would like her corporate assets to be preserved or invested? Benefits of Estate Planning for WomenĪs Nadia’s story demonstrates, women caregivers-who bear a much greater burden caring for their loved ones than their male counterparts-must be mindful of the needs of those who depend on them. There are various reasons for planning an estate, including preserving family wealth, providing for a surviving spouse, children, or parents, or creating a charitable legacy. It spans the naming of an executor to carry out your wishes, appointing a guardian for minor children as well as probate and tax minimization strategies. An estate plan can include everything from a “living Will” (also known in Ontario as a Power of Attorney for Personal Care) that sets out intentions for one’s health care upon mental or physical incapacity, to a “last Will and testament” that kicks in after your death. It refers to a variety of tasks focused on managing an individual's assets in the event of incapacitation or death. Estate Plan DefinedĬontrary to popular assumptions, estate planning is more than just a Will. But making the time and getting it done-especially when facing unique challenges-can prove invaluable. Women often believe that they need significant wealth to have an estate plan, simply don’t need one, or put off this important task because they have an overflowing to-do list. Nadia could really benefit from an estate plan. Caregivers who are part of the sandwich generation-who must simultaneously meet the needs of children and parents-often face greater challenges on the personal and financial front in attending to their obligations.

According to Statistics Canada, one in four Canadians aged 15 years and older (7.8 million people) provide care for family members or friends, with women accounting for 54 percent of all Canadian caregivers. Recently divorced, Nadia lives with her three school-aged children and is also a part-time caregiver to her ailing mother who lost her husband to cancer three years ago.Ī typical day for Nadia is one of constant juggling between her duties as an entrepreneur, mother and caregiver. It struggled a bit during the pandemic but her “baby” is rebounding nicely. Nadia runs a successful consulting business in downtown Calgary.

ESTATE PLANNING ONTARIO CHECKLIST UPDATE

Why an update to your estate plan is a good ideaĭebunking the most common myths around estate plansĪ checklist to get your estate plan in order Women face unique challenges which make estate planning essential

Estate planning ontario checklist