21
Apr

Estate Planning?

Many people view Estate planning as the purview of the wealthy. Complicated, with lawyers and accountants involved. But there are two relatively simple aspects of Estate planning that are a must for everyone.

A valid Will

You know this. Do research online, talk to friends, or review the law in Ontario (https://www.ontario.ca/laws/statute/90s26). You can use a lawyer or prepare you own will and have it reviewed by a lawyer. Pick the best approach for your circumstances and GET IT DONE.

Documentation

Important information should be documented and your Trustee/Executor or family should know where to find it. This is a very important step that will save your Trustee considerable time and also provides comfort and protection for your family.

There is so much useful information that can be documented. Consider;

• Important people to notify in the event of death
• Location of important documents
• Important information
• Financial information
• User names and passwords for
  • Social networking websites
  • E-commerce sites
  • Online banking
  • Rewards programs
  • Security systems
• Information pertaining to your funeral/memorial

This document should not be kept in your safety deposit box, but should be kept in a safe place that can be accessed by your Trustee or close family member.

Heritage Estate Services has a publication, My Heritage, which will help guide you through compiling this information. My Heritage is available as an online download at www.HeritageeES.ca or call us at 416-4223-6386 for a hard copy.