As November unfolds, it’s a timely reminder to ensure our life’s work and wishes are securely documented. If you’re thinking about drafting or updating your will this month, here are some key considerations to keep in mind:

• Executors: Choose those who harmonize well. If conflicts might arise, a professional executor like a bank or attorney could be a wise pick.
• Assets & Beneficiaries: Examine designations for RRSPs, investments, and TFSAs. Named beneficiaries often allow assets to sidestep probate fees.
• Life Insurance: Make sure your policy’s beneficiaries are current to avoid unintended estate taxes.
• Cottage Considerations: If you own one, be alert to potential capital gains and the repercussions for your beneficiaries.
• Residuary Estate: Strategize how the remainder of your assets will be allocated.

For those navigating complex family dynamics, providing comprehensive legal documents to your attorney will lead to tailored advice.

Seeking Guidance on Estate Planning? If you have questions or need assistance in drafting your will this November, I’m here to help. Reach out and let’s ensure your wishes are accurately penned.

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CONTRIBUTING AUTHOR
Nuwanthi Dias
Wills & Estates Lawyer
Ross & McBride

It’s that time of year when we start thinking of New Year’s resolutions. One of the things that we might be thinking about is our work life. How is it going? Are we fulfilled in our jobs? It may be frustrating, but we feel we are working towards a worthwhile goal. To choose a better life we must keep choosing how we are living. Are we in a job or career that is just disappointing but are frightened to change.

Annie Duke has written a new book called QUIT: how to make the decision to walk away. Quit or grit.  We have been socialized to believe that Quitters are failures and Grit is a virtue. However, if you stay on a path that is now wrong for you, it will actually slow you down. You may be on this path and circumstances have changed in your company (new leadership) or your goals have changed. Grit is useful if you are pursuing a worthwhile but difficult goal. Quitting a job after the first few months may be a sign of discomfort and you need grit to evaluate the job properly.

What are some of the reasons people don’t quit. One is the sunk cost fallacy. We have put so much effort into this, walking away will be a waste of the time and effort we’ve invested. It is a fallacy because we have already put that time into and adding more time will further increase the waste. Maybe we are best to cut our losses and consider a more appropriate goal.

The other is fear of uncertainty. We have no assurance that the next choice will be better. (Steven Levitt, the author of Freakonomics, has built a website helping people when they are indecisive and do not know whether to change track). New opportunities are not necessarily better. Often consulting a coach: a trusted friend or professional is helpful.

Before you stay or quit, consider your motivations and accept that it is the best decision under uncertainty.

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CONTRIBUTING AUTHOR
Dr. Eva Klein
Professor, Department of Psychiatry and Neurosciences
McMaster University

Hey there! As someone who has been in your corner, working closely with women on their career journeys, I’ve had the privilege of witnessing the incredible determination and potential that our female workforce brings to the table. It’s like being a supportive girlfriend, offering guidance and support to help you achieve your dreams. Today, I want to share some insights that have come from these experiences – ones that I believe can help you advance your career and find the path to success.

Self-Discovery: The First Step to Success

The journey to your dream career begins with self-discovery. Take some time to reflect on your passions, strengths, and values. What excites you? What skills come naturally to you? What values do you hold dear? Think of this process as a heart-to-heart chat with your best friend. By understanding yourself, you can align your career choices with what truly matters to you. This self-awareness is the foundation upon which your dream career can be built.

Set Clear Goals

Just like girlfriends plan their future adventures together, setting clear and specific career goals is paramount. What position do you aspire to hold? What kind of work environment do you thrive in? By defining your goals, you’ll be better equipped to make strategic decisions that steer you toward your dream job. Remember, your goals are your roadmap to success.

Continuous Learning

In today’s ever-evolving job market, staying relevant and competitive requires a commitment to continuous learning. It’s like the times you and your girlfriends decide to take up a new hobby together. Invest in acquiring new skills and knowledge that are relevant to your field. Consider mentorship programs, workshops, or online courses as your girlfriends cheering you on. Empower yourself with the tools and knowledge needed to excel in your chosen career path.

Networking and Mentorship

Building a strong professional network is vital, just like the support network of friends. Attend industry events, conferences, and join local and online networking groups. Seek out mentors who can guide you and offer valuable insights, much like the advice your closest friends provide. These connections can open doors and provide support on your journey to your dream career.

Embrace Change

To find that perfect career that aligns with your passions and skills, you may need to embrace change. Be open to pivoting, taking calculated risks, and exploring new opportunities – just as you’d encourage your friends to seize new adventures. Sometimes, it’s when we step outside our comfort zones that we discover the path to our dream job.

Persistence and Resilience

The road to your dream career may not always be smooth, but remember that your girlfriends always have your back. There will be challenges and setbacks along the way. However, resilience and persistence are key to overcoming obstacles. Believe in yourself and your abilities, and keep pushing forward, just like the unwavering support of your closest friends.

Conclusion

In conclusion, advancing in your career and achieving your dream job is an attainable goal. It’s about merging your passions with your strengths and remaining open to opportunities, much like a heart-to-heart conversation with your girlfriends. Take the time to understand yourself, set clear goals, invest in learning, nurture your network, and stay persistent. You have the power to make your career aspirations a reality. Your journey to success begins now.

Wishing you success and fulfillment in your quest for the dream career you deserve. Remember, we’re here to support you every step of the way, just like a loyal girlfriend.

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Contributing Author:
Margaret Zanel
Co-Founder & Partner 
Wentworth Strategy Group

“Yes”, you say – “I had my will and power of attorney documents drafted years ago – I’m good.”  Congratulations, if you have documents in place.  But, do they still reflect your goals?

If your answer is No, then we encourage you to Act!

It is crucial to consult with a legal professional who has expertise in Canadian Estate Law to ensure that your will is legally binding and represents your wishes.  Then, consider incapacity & estate planning that goes beyond your legal docs:

1. A detailed list of all of your service providers & account numbers: this includes your real subscriptions and digital footprint (email accounts, social media profiles,online banking and investment accounts, digital photos, videos, online subscriptions) – and think about how to store your information securely(usernames and passwords.
2. List of family/friend contacts: phone numbers and addresses that will help your executors notify and thank those closest to you.
3. Letters to family members: what do you want to say to them just in case you don’t get to tell them?
4. Special bequests of personal items: you may have an art collection, jewelry etc. that  specific people to inherit.  Create an addendum to the will which you can change.
5. Specific Health Care Directives Personal Care wishes: A checklist for medical intervention preferences and personal wishes such as: do you dislike certain foods? Do you hate wearing wool because it’s picky?
6. Funeral arrangements: include specific wishes for the ceremony, burial grounds, or end-of-life disposition

Make time to have those essential conversations with the people most important to you. Tell them where you keep your estate planning documents, and why you have chosen to create the estate plan you did.   Communication is as essential as the documents you have in place.

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Contributing Author:
Kerri Latchman
Certified Financial Planner | Associate Portfolio Manager
The Viola Salter Group, Scotia Wealth Management