Nicola Wealth

Estate
planning
self-assessment

A secure Estate Plan allows you to ensure that those you care about are taken care of once you pass away. Take the self-assessment to see if you are prepared and how you can ensure your legacy continues.

Nicola Wealth

Estate
planning
self-assessment

A secure Estate Plan allows you to ensure that those you care about are taken care of once you pass away. Take the self-assessment to see if you are prepared and how you can ensure your legacy continues.

1/10

Do you have a will that has been updated since any situational changes (marriage, kids, divorce etc.)?

A will allows you to outline how you wish your estate to be distributed, if you don’t have a will in place, the government will determine how your estate is divided. It is important to update your Will every time you have a situational change such as a wedding, new child or a divorce. Your will also allows you to appoint legal guardians for your minor children. Often the court appointed guardian would not be your first choice.

2/10

Do you have an executor that lives in your jurisdiction who is willing and capable of performing the duties expected of them?

An executor will administer your will and manage your complex affairs after you have passed. It is important to choose someone with close proximity to you as it may involve multiple meetings and travel to your location and who has the desire and capability to perform the duties required of them. An executor takes on personal legal responsibility for settling your affairs.

3/10

Are there currently any family dynamic issues that could affect your estate planning?

It is important to mitigate any family dynamics that could get worse or start as a result of your passing and the administration of your estate. Meeting with a financial advisor will provide a personal plan and help you mitigate any challenges you may see coming.

4/10

Have you communicated your wishes to your executor and your beneficiaries?

While the discussion may be awkward, communicating your wishes to your executor and beneficiaries not only helps you ensure your last wishes are maintained but also helps them have a clear roadmap of what you would like in what will also be a difficult time for them.

5/10

Have you considered or implemented the use of trusts (spousal trust, alter ego trust, testamentary) or secondary wills in your financial planning?

Trusts will ensure that your beneficiaries stay out of probate court (which could take months of legal proceedings) and in some cases allow your capital to generate income for your surviving beneficiaries.

6/10

Have you made provisions for assets outside of Canada if you have any?

Estate laws are different in every country, it is important to ensure there is a plan for all assets outside of Canada as they could be missed and cause your beneficiaries unnecessary legal battles.

7/10

Have you made provisions for personal effects (items with sentimental value) through a letter of wishes?

Sentimental items such as a family painting or a wedding ring are priceless, and thought should go into who gets what. A letter of wishes can allow you to separate those special items and write your reasoning behind it.

8/10

Have you engaged in legacy planning to consider charities or causes you care about?

Legacy planning allows you to allocate assets towards charities and causes you care about to ensure you are able to make an impact for generations to come.

9/10

Is your estate optimized to minimize taxes?

While every situation is different, a financial advisor can ensure that your estate is not paying any unnecessary taxes and that your assets go where you want them to.

10/10

Have you made provisions for any corporate structures that you may own?

If you run your own business succession planning will be necessary to ensure the company can continue on without you and there is a clear path for all stakeholders.

Your Results

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