Estate Planning

Less than 50% of Canadians have a Will in place. Without a valid Will, the government is the decision-maker for the future of your children and your assets.

Creating and periodically reviewing your Will should be a priority for every Canadian. Whether you have a minor child, hold a simple RRSP or have significant financial holdings, a legal Canadian Will ensures that your estate is handled as quickly as possible, in the manner you would prefer.

Joining us to talk about creating and executing Wills in Canada is our colleague, Edmond Fhima. Edmond is a licensed financial planner at Tulett, Matthews & Associates, and he’s been in the financial industry for over 30 years as a licenced fee-only financial planner. Edmond currently provides clients with advanced strategies for estate planning, insurance planning, cash flow and debt management, canadian estate tax planning, investment planning, and retirement planning.

In this episode, Edmond and Keith talk about who should have a Canadian Will, when to complete your Will, why you should draft a legal Will, what assets are covered in a Will, who to consider when naming an executor, trustee or guardian, and when an estate should be distributed and so much more!

How to make a will in Canada

  • The benefits of talking to a financial advisor about your will before going to a notary or a will lawyer (1:22)
  • Why everyone with monetary or personal assets should have a legal will (3:18)
  • The surprising ways your assets might be distributed if you pass away without a will (4:41)
  • Which types of property to include in your will (7:13)
  • The specific aspects that business owners need to consider (8:15)
  • Why you might want to have a separate will for your foreign assets (11:21)
  • The responsibilities of an executor/liquidator of a will (12:53)
  • What to think about when naming an executor (15:54)
  • Why your spouse isn’t always the best person to name as executor (17:39)
  • The correct procedure to make minor amendments to your will (19:00)
  • Identifying the right person to name as executor (20:38)
  • Important information to share with your executor (22:02)
  • How to share details for digital assets and accounts (24:14)
  • The benefits of having a family meeting to review and disclose the contents of your will (25:09)
  • The role and responsibilities of a trustee (26:25)
  • Typical situations where trustees are appointed (27:00)
  • Naming a guardian and your preferences for minor children (29:46)
  • Why you must name replacement individuals for executors, trustees and guardians (31:02)
  • The criteria that must be met before assets and income can be distributed (31:44)
  • What is needed for a holographic will to be considered valid (34:24)
  • How a notarial will is created (35:22)
  • The probate process outside of Quebec (35:56)
  • Key considerations to take into account when you get divorced (38:51)
  • When a protection mandate or power of attorney is used (40:45)
  • Using a holographic will as a stopgap measure (42:49)

And much more!

Meet your hosts

Keith Matthews

Keith Matthews

Partner & Portfolio Manager

Marcelo Taboada

Marcelo Taboada

Associate Portfolio Manager

Lawrence Greenberg

Lawrence Greenberg

Associate Portfolio Manager

Thanks for Listening!

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