Congratulations on taking the first step towards creating your will and estate plan.
Making a will is one of the most important steps you can take to protect you and your loved-ones. Yet over 57% of Canadians don’t have a will.
We know estate planning and making a will can feel overwhelming, which is why we’ve put together this free Simple Wills and Estate Planning Checklist for Canada to help break it down.
What is an Estate Planning Checklist?
An estate planning checklist is a comprehensive list of tasks and considerations that you can use to organize and plan for the distribution of your assets and the management of your affairs in the event of your death or incapacitation.
What should be included in an Estate Planning Checklist in Canada?
A good estate planning checklist for Canada should consist of everything you need to make a valid estate plan in the country. It will help you with many aspects of your estate plan, including the following.
1. Identifying the key people involved
Important people for your estate plan include your executor, your estate trustee, custodian(s) and/or guardian(s) of children or pets, an emergency financial representative or attorney for property, an emergency medical care representative or attorney for personal care, witnesses, and optional backups or substitutes for if your first picks for these roles are unable to take them.
2. Allocating your estate
The checklist will help you delegate your assets and choose who gets what. This can also include legacy gifts and charitable donations.
3. Outlining other wishes
In this section of the checklist, you'll be prompted to think about other wishes you have. This can include things like if you'd like your children to receive their inheritances only after a certain age, how you'd like to be buried, or even how you'd like your business to be carried on.
4. Formalizing your wishes in legal documents
Then it's time to make it official. The checklist will walk you through the steps to creating your legal will, power of attorney, and burial and funeral documents.
From frequently asked questions, common myths, to an estate planning checklist, we’re walking you through it all step-by-step. No law degree required. With any luck, you’ll give right into estate planning at the end of this Guide feeling confident and empowered.