Slater Chronicles
February 2023
When putting together your estate plan, there are many issues to consider and having the proper documents in place will go a long way toward your intentions being followed.
In this month's newsletter, we cover the important aspects of your Estate Plan and provide links to more information for further reading.
Reminder: Click here to register for our upcoming webinar on February 15th with Jamie Golombek on "Death and Taxes".
Three Steps to an Effective Estate Plan:
Step 1: Take Inventory
The inventory includes assets you own individually, jointly, or through a corporation.
- Cash and Securities
- Real Estate
- Pensions
- Loans owed to you
- Life Insurance and Annuities
- Business interests and personal property (cars, jewelry, art)
It is helpful to include the location of your assets, like safety deposit boxes (and where to find the keys), and savings and chequing accounts.
Step 2: Seek Specialized Advice
Taking inventory of your estate may highlight areas that need to be reviewed. At this stage it is a good idea to talk with experts and reach out to your financial advising team to develop a strategy to create a lasting legacy for your heirs.
Step 3: Review Your Estate Plan Regularly
As your portfolio grows over time, it makes sense to review your estate plan regularly. This helps ensure your plan continues to meet your needs and goals, and protect your assets.
Your beginning of the Year Estate Planning Checklist:
- Have three been any life events in your family over the previous 12 months?
- What are the document I should be reviewing?
- Do I have an Estate Binder with all of the necessary documents together?
Life Events to Think About.
Life events in the context of managing your Estate Plan can come in many different aspects. Have you bought or sold any assets that should be updated in your asset inventory?
This includes tangible assets like real-estate, collectibles and intangible assets like investment accounts, insurance policies, business ownership, etc.
Don't Leave Loved Ones in the Dark.
Estate planning involves more than simply preparing for the inevitable. It can also serve as a personal roadmap of your plans and intentions for your next life stages.
Communicate Early
Be Transparent
Document Your Wishes
Once you've developed a plan, talking to your family about it is another key step to consider.
Although this conversation may not be easy, it may alleviate stress for you and your loved ones, increase family harmony and make the outcome more certain.
Who are the Key Legal Authorities on your Estate Plan?
Do you have an estate binder with all the information these individuals would need if they were called to act? Do they know where the binder is located?
- POA for Property
- POA for Health
- Executor
- Trustee
- Guardian
If we haven't offered you an Estate Binder, feel free to request one at our next client meeting.
Click here to read more about the Key Estate Planning Documents.