Make It Easier for the People You Love

The essentials

1. A will. It names your executor, says who gets what and names a guardian for young children. For most families, a lawyer-drafted will is worth the cost. Ontario changed some rules in 2022: getting married no longer cancels an existing will, and a separated spouse can lose out even without a divorce. If you've had a big life change, have your will reviewed.
2. Powers of attorney. A will only works after you die. Powers of attorney for property and for personal care let someone you trust handle your money and health decisions if you can't. Without them, your family may need to go to court to help you.
3. Beneficiary designations. Life insurance, RRSPs, RRIFs, TFSAs and pensions usually let you name a beneficiary. Those assets go straight to that person, outside your will and probate. Check that they're current and that they match what your will says. An outdated designation can quietly undo your whole plan.
4. The right executor. Choose someone organized, honest and willing, ideally living in Ontario, and name a backup. And ask them first. Nobody likes finding out they're the executor at the funeral.
5. A plan for taxes and probate fees. Large RRSPs and RRIFs, a cottage, a rental property or a business can mean a big tax bill at death. Life insurance is often the simplest way to cover it, so your family doesn't have to sell what you wanted them to keep. For business owners, a second will for private company shares can reduce probate fees.
6. A "where everything is" list. More on that below.
7. A family conversation. The best plan in the world still causes hurt if it comes as a surprise. Talk about your wishes, especially anything unexpected, like leaving more to one child than another.
8. Regular check-ups. Review everything every three to five years, and after any big change: marriage, separation, a new child or grandchild, a move, a new business or a death in the family.

Your "where everything is" list

Make a list, on paper or digital, and tell your executor where to find it:

• Where the original will and powers of attorney are kept, and the lawyer who prepared them
• Bank, investment and pension accounts, with the institution names (no need to write down full account numbers)
• Life insurance policies, including group coverage through work
• Real estate, vehicles and anything in storage or a safety deposit box (and where the key is)
• Debts: mortgage, lines of credit, loans and credit cards
• Your advisors: financial advisor, insurance advisor, accountant and lawyer
• Recurring bills and subscriptions
• Online accounts and how you'd like them handled (a password manager's emergency-access feature is safer than writing passwords down)
• Funeral wishes and any prepaid funeral plan
• People to notify, and anything personal you'd like them to know

Joint ownership: handle with care

Adding an adult child to a bank account or to your home's title can keep that asset out of probate, but it can also backfire:

• You can lose control of the asset, and it can be exposed to the child's creditors or a separation.
• It may not be treated as a gift. Ontario courts can presume the child holds it for your estate unless you clearly intended otherwise, which can spark family disputes.
• Adding someone to a property's title can have tax consequences.

Talk to a lawyer before you do it.

How we can help

We help families with the money side of estate planning:

• Reviewing beneficiary designations so they match your wishes
• Estimating the tax your estate could face, and planning for it
• Using life insurance to cover taxes, even out an inheritance or leave a gift to charity
• Organizing investments and retirement income so they work with your estate plan
• Working alongside your lawyer and accountant so everything lines up

We're not lawyers, so we don't draft wills or powers of attorney, but we're happy to introduce you to lawyers we trust.