Asset transfer plan and trusts

• Do you have a will or trust?
  
  
  • A last will and testament can help your assets pass in the manner that you would prefer them to transfer.
  • A trust might be right for your situation if you're concerned about: avoiding probate, controlling the transfer of assets to heirs, leaving assets to spendthrift children, protecting assets during incapacitation or eventually needing assistance with money management and paying bills.
• Have you shared your current transfer plan with your beneficiaries?
  
  
  • If you haven't already had conversations with your beneficiaries, there's no better time than the present. The discussion will help inform your beneficiaries when it comes to matters related to your finances and health – and how you want things handled upon your death or if you are unable to make decisions for yourself. The more family members know about your preferences, generally the more comfortable they'll feel that they're making the right decisions for you down the road, if necessary.

Guardianship considerations

• Do you have minor dependents?
• Have you named a guardian in your will for your dependents?
  
  
  • It can be important to name guardians for minor children or dependents. This information can be contained in a will so the court and your family members know who you would like to step into this role, should you pass away.
• Have you provided for minor dependents in your asset transfer plan?

Incapacity protection (financial and health care)

• Do you have a Durable Power of Attorney for Property?
  
  
  • A Durable Power of Attorney for Property can be an important document that generally allows you to name someone to make financial decisions on your behalf, should you become incapacitated.

• Do you have a Power of Attorney for Personal Care, Representation Agreement or Directive?
  
  
  • A health and personal care Power of Attorney, which is called a Power of Attorney for Personal Care, Representation Agreement, or Directive depending on the province, ensures that the person you want to make health care decisions for you is the person who has the legal authority to do so.
  • Your Attorney for Property will generally follow any instructions you have provided regarding specific medical treatment. These instructions are often contained in a Living Will. Note: There can be limitations to living wills.

Charitable intent

• Do you intend to leave assets to charity?
• Do you have a plan outlining your contribution strategy?
• Would you like to have control over how assets are used by the charity?

How we can help

Sometimes it takes going through a difficult situation to realize the importance of being prepared. If you don't already have an estate strategy in place, your financial advisor can help walk you through the process of prioritizing your goals and work to coordinate your team of tax and legal professionals to help ensure your goals are met.