The components of an Estate Plan may include the following:
When you have a Will, you decide how your assets will be distributed. If you have no heirs, you can use a Will to ensure that certain people or organizations are beneficiaries of your estate. Once you have a will, you must review it regularly to ensure that it is up-to-date and reflects your current wishes. Without a Will, the provincial government distributes in accordance with provincial law.
You can name someone to look after your bank accounts, investments, and other property in the event that you become incapable of managing your property yourself.
You should also consider whether you will appoint someone as Power of Attorney for Personal Care if you become incapacitated during your lifetime and can no longer make decisions regarding your health and well-being.
Trusts are legal mechanisms that let you put conditions on how and when your assets will be distributed upon your death. Trusts require named trustees, who administer the trust. You can find out more about trusts from your lawyer and from your financial advisor.
You may wish to discuss with your lawyer instructions in your estate plan for your family or friends as to your funeral arrangements. It removes the financial and emotional burden from loved ones during a difficult time.