![]() It can also include a nomination of a guardian for any minor children, and you can even designate a person who will take care of your pets. The will is a document in which you can lay out who will receive your assets following your death. Having a Last Will and Testament is a sensible first step when you set out on estate planning. Related reading: The complete Estate Planning process Retirement accounts, life insurance, stocks, annuities.With such a list to hand, it will be easier to decide how you want to distribute your belongings and to whom. This checklist will outline what you should consider when establishing an estate plan.Ī good starting point for any estate plan is to list all of your belongings and assets. It should also make it easy for your surviving family members to carry out any post-death wishes. Related: What Exactly is an Estate? Estate Planning Checklist – Get your affairs in orderĪ comprehensive estate plan should consider what happens in the event of both death and disability. ![]() An estate planning checklist will remind you of the decisions you’ll need to make when implementing an estate plan and keep track of the important documents that will form part of it. By planning ahead, you can minimize future stress on those closest and help ensure your wishes are carried out. Some assets can be passed on without a Will – for example, jointly-owned assets such as a home plus life insurance proceeds, and, in some circumstances, registered funds, annuities and pensions.A complete estate plan not only takes into account your belongings and property but also your relatives and loved ones. Will: The legal statement of a person's wishes concerning the disposal of his or her property after death. Probate: The official confirmation of the validity of the Will by the courts, confirming the executor or executrix's legal authority. Power of Attorney (POA): When a person is given full authority over the account(s) of a person, and is granted authority to do anything the account holder can do, except change a beneficiary designation or make a new Will. Next of Kin: The closest related family member(s) of the deceased, which can include a spouse, a civil partner, and any children. Letters of Direction: Provided by the authorized representative as instructions on how to disburse an Estate. ![]() Letters of Administration: A legal document issued by the applicable provincial court that names the person appointed to administer a deceased person’s estate when the person died without making a Will. Intestate: When a person passes away without making a Will. Inheritance Tax: Tax that is paid from the Estate of the deceased that must be paid before the Estate is distributed among the beneficiaries. Estate planning is an ongoing process, so Estate plans should be reviewed on a regular basis or when circumstances change.Įstate Trustee: The person appointed under a Will to control and protect the Estate's assets, pay off any debts and distribute the estate assets in accordance with the terms of the Will.Įxecutor, Authorized Representative, or Liquidator (Quebec only): A person who is appointed to carry out the wishes of the deceased, distribute assets, file tax returns, protect property and pay expenses. In some instances, it also involves setting up Trusts and plans for business succession. The strategy is usually accomplished through the writing of a Will and establishing Powers of Attorney and similar documents. It’s a copy of the entry for the deceased in the province’s death register.ĭesignated Beneficiary: A person who is designated as the beneficiary of a registered product that is not considered part of the Estate.Įstate Account: A chequing or savings account, registered in the name of the Estate that can be used to consolidate the Estate’s assets during the administration period, helping executors manage Estate transactions, including disbursing funds to beneficiaries.Įstate Administrator: A legal term referring to a person appointed by the court to administer the Estate of a deceased person who died without making a Will.Įstate Plan: A written document that outlines an individual’s strategy for the disposition and administration of their property at their death, incapacity or total disability. Beneficiary: A person who inherits all or part of the money or property from someone who has died.ĭeath Certificate: Also known as a funeral director’s certificate, statement of death or provincial certificate of death.
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