Estate planning isn’t just for your parents

Planning ahead matters, even if you’re young, healthy, and just starting out

Estate planning sounds like something for retirees with big portfolios, right? Not so fast. If you have a job, a bank account, digital assets, or even a pet, you already have an estate. And if something unexpected happens and you don’t have an estate plan, decisions about your money, belongings, and even your health will be made by the courts, not your loved ones.

We help clients of all ages build estate plans that reflect their values and protect their assets. Starting early ensures your wishes are protected long before you need them.

Essential steps

1. Create a will

Your will isn’t just for who will get your assets and belongings, it names who will handle your affairs. If you don’t have one, these choices will be made for you automatically according to the law.

2. Choose an executor (liquidator in Quebec)

An executor (known as a liquidator in Quebec) is someone you choose to ensure your wishes are carried out. This person will be responsible for protecting, administering and distributing the assets of your estate, so you should pick someone who can manage paperwork and communicate well.

3. Appoint a power of attorney

If you’re ever unable to make decisions, a power of attorney (a protection mandate in Quebec) lets someone you trust manage your finances or healthcare. It’s about control, not giving up independence.

4. Plan for digital assets

Your online life matters. Be sure to include social media, crypto, streaming accounts and other digital assets in your plan. Make a list of accounts and instructions for access, and outline what you’d like to happen to these intangible assets if you die or become incapacitated.

5. Consider beneficiaries

Update beneficiary designations on your bank accounts, TFSAs and RRSPs. In Quebec, it is common practice for beneficiaries to be named in the will. These often override your will. Even if you don’t have a spouse, or kids, beneficiaries can be friends, godparents or even charities. As you go through major life changes, be sure to review or update your beneficiaries accordingly.

How we can help with your estate plan

Estate planning can feel overwhelming, but you don’t have to figure it out alone. A financial advisor plays a key role in helping you organize your assets, make confident decisions, and ensure everything works together the way you want. Here’s how we support you through the process:

• Make sense of your whole financial picture – We help you get a clear view of everything you own, including accounts, investments, insurance and digital assets, so your estate plan reflects your full financial life.
• Work closely with your lawyer – We’ll coordinate with your lawyer to make sure your will, powers of attorney, and other documents fit with your financial goals and are structured in a tax-efficient way? Need a lawyer? We can help you find the right fit.
• Support you with important decisions – Not sure who should be your executor, or how to choose beneficiaries? We walk you through these decisions, explain the responsibilities involved, and help you choose people who are a good fit.
• Plan for taxes and future costs – We help you understand potential tax implications and ensure there’s enough liquidity in your estate, so your beneficiaries are taken care of without unnecessary delay or strain.
• Keep your plan up to date – As your career evolves, your family grows or changes, or new assets are added, we’ll help you keep your estate plan current and aligned with your goals.

We can help

Reach out to us for personalized advice and support to create an estate plan tailored to your situation.

Contact us