'I can't think of very many groups of Canadians who don't need it,' says one expert.
Losing a loved one is hard, and it can become even worse when their final wishes are unclear, says Christine Van Cauwenberghe , head of financial planning at IG Wealth Management. Estate planning is meant to alleviate that uncertainty.
“The will acts as a roadmap for carrying out your estate plan,” George said, referring to it as a cornerstone. “It gives you a voice when you don’t have a voice.” It’s also important to give someone else the ability to act on your behalf if you become incapacitated, using a power of attorney document. In fact, Van Cauwenberghe believes it’s “arguably even more important” than a will.
She says it’s also helpful to choose someone who lives close by. A non-Canadian resident would have trouble managing your investments, she explains, because investment advisors in Canada are generally only able to take instructions from Canadian residents.While every estate plan should include a will and power of attorney, there are several other tools to consider, such as life insurance and trusts.
“Perhaps as opposed to $100,000 directly to a beneficiary, you want $10,000 paid out each year over 10 years, for example,” George said.
Christine Van Cauwenberghe Van Cauwenberghe Wilmot George Financial Planning Canadians
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