First Steps for Your Estate Planning
Something that we talk about often here at ETP Canada, is the importance of having an estate plan made. However, without knowing where to begin, the task can seem daunting to someone who is just starting their estate planning journey. Let’s look at some of the important first steps that should be taken when it comes to creating your estate plan!
Understand and review your assets
It’s crucial that you fully understand the scope of your future estate! Many people often believe they don’t have “enough” to create a proper estate plan, however, are surprised when they start to look around. You will want to consider all tangible and intangible assets. Some examples of these include:
Tangible Assets: property, vehicles, collectibles, personal property etc…
Intangible Assets such as bank accounts, investments, life insurance policies, Cryptocurrency or Bitcoin, ownership of a business, etc..
Review your family needs, beneficiaries and named Executor
It’s important to reflect upon whom you want to benefit from your future estate, and whom you want to be responsible for managing and administering your estate successfully. Another important aspect to consider is your family dynamics and needs. Do you need to name guardians and plan for the care of children or pets? It’s also wise to reflect upon designating beneficiaries on certain accounts and thinking of contingent beneficiaries. A contingent beneficiary is an alternate person if the first beneficiary passes away before you do.
Assemble a team of professionals
Consider hiring an estate planner, attorney, financial advisor, accountant and/or other estate specialists. These professionals will be able to answer questions, plan for concerns, and ensure that you are on the right path with your estate plans!
No matter where you are in your estate planning journey, it’s important to remember that your plans will need to be reviewed and edited over time as your life changes. Your estate planning should not be a “set it and forget it” type of thing. Perhaps you get married or have another child – make sure to update your plans to reflect those big life changes!
Are you just getting started with your estate planning? A great resource when it comes to understanding your future estate and naming your Executor, is our new online course called Executor Ready! Executor Ready does just that – gets you and your Executor ready for the role through ten easy to digest video modules led by our CEO and Founder Debbie Stanley. We answer all the burning questions like “Do I really need probate?” to “What are Digital Assets?” Click the link to learn more and to get your Executor Ready today!
This blog is not intended to be legal advice and should not be relied on as such. If you require legal advice, please contact a legal professional concerning your particular circumstances.