Many people falsely believe that an estate plan simply means drafting a will. But a will is just one component of an estate plan.

An estate plan is much more comprehensive and may necessarily include many more documents than a will.

Writing a Will is an important part of planning for your future and ensuring that your wishes are taken care of. It is hard to believe that over 50% of Canadians, many of whom are past retirement age, do not have a Will. It’s important to think about when you should write and update your Will, as it can be a complex process that requires careful consideration.

Often people are focused on appointing a Power of Attorney (POA) in the event that they are unable to make their own decisions, but have you thought about guardianship? What happens if your POA is unable to make decisions on your behalf? This is where guardianship plays a role.

Did you know that a family trust can be used to transfer wealth and preserve family assets as well as reduce taxes in Canada? The key is understanding how a family trust works and how it may fit into your estate plan.

Life happens, and business owners would be wise to plan an organized, tax-efficient transfer of assets in the event of an untimely or unexpected death or incapacitation. Business owners work hard to accumulate wealth, so most probably don’t want their wealth to be used in ways that go against their wishes or for their heirs to be left with a significant tax liability. Two primary goals of estate planning, therefore, are to 1) distribute assets according to the owner’s wishes and 2) minimize tax liabilities.

Estate planning in Canada is not as difficult as many may think. This article covers the basics of estate planning for Canadian business owners.