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.
CONTRIBUTING AUTHOR Nuwanthi Dias Wills & Estates Lawyer Ross & McBride