Congratulations on taking the first step towards creating your will and estate plan. An estate plan includes all the important documents you need to keep yourself and your loved ones protect during life and after you pass away.
Your estate plan can, and ideally should, include a legal will, power of attorney documents for personal care and property, personal directives, asset lists, and important information about your digital assets and how your executor can access them.
Making a will is one of the most important steps you can take to protect you and your loved-ones after you pass away. 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.
The Estate Planning Process Checklist
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. Choose the right people for key roles in your estate plan
Important people for your estate plan include:
- Your executor and estate trustee: The person responsible for managing and settling your estate, organizing your funeral, and acting in the wishes outlined in your will
- Custodian(s) and/or guardian(s) of your children: The person(s) you'd want to take care of your children, should anything happen to you or any other parent or guardian they have
- Guardians for pets: The person(s) you want to look after your pets, should anything happen to you. You can also set up a pet trust in your will to help with your pet's care.
- Beneficiaries: The people or organizations you want to receive assets from your estate. Can also include people you've named for other roles in your will.
- Your attorney for property: Your emergency financial representative, someone who can access your finances should you become incapacitated or otherwise unable to access them yourself.
- Your attorney for personal care: Your emergency medical care representative, someone who can make health and personal care decisions on your behalf should you become incapacitated.
- Witnesses: The people who witness the signing of your documents and sign them with you, making your documents legal.
- Optional: Backups or substitutes for if your first picks for these roles are unable to take them.
2. Allocate your estate and create a list of assets
The checklist will help you delegate your assets and choose who gets what. This can also include legacy gifts and charitable donations.
Creating an asset list will also help you keep track of all your assets, those you keep, those you give away, etc. A great place to log digital assets as well! This list will be essential in helping your executor find all your assets and settle your estate faster.
3. Outline other wishes
In this section of the checklist, you'll be prompted to think about other wishes you have. This can include things like:
- When you'd like your children to receive their inheritances (immediately, at 18, 21, 25, etc.)
- How you'd like to be buried, or if you'd prefer to be cremated, or if you'd like another option
- How you'd like your business to be carried on
4. Formalize 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 and documenting your final wishes about your estate and last ceremonies, your power of attorney documents and who should be your personal representative, and your asset lists.
Download the Wills And Estate Planning Checklist for Free Here →
Other considerations for estate planning
Named beneficiaries are also an important part of your estate plan.
Financial assets like life insurance, RRSPs, TFSA, and pension plans all allow you to name a beneficiary. Upon your passing, the named beneficiaries will inherit their respective assets immediately, instead of those assets dissolving into your estate. It's a great way to get around probate and help your loved ones quicker.
Another aspect to your estate plan might be a revocable trust. These types of trusts are created while you're alive and continue pass your death. Until you place in the trust will not be considered part of your estate, so it skips probate too.
Additionally, leaving early inheritance can also be a part of your estate plan. This means gifting assets while you're still alive, and enjoying the benefit of seeing how they help your loved ones!
Prepare your estate plan with our free checklist
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.
Download the Wills And Estate Planning Checklist for Free Here →
