Your Estate Planning Checklist (5 Key Pieces of Advice)

You can help your loved ones avoid unnecessary hassles by having an estate plan written well in advance of your passing. And while it may not be a pleasant thing to think of, it’s necessary so your loved ones don’t waste money, time, or worry when it comes to your estate.

While the Government of Canada does offer a free online checklist for estate planning, there are many other aspects to consider. And these are points that only an experienced real estate lawyer in Mississauga can help you with.

To ensure you successfully prepare an estate plan, we have provided a checklist to use as a guide. This is in no way an exhaustive checklist but does indicate important factors to consider. Indeed, it’s best to consult an experienced property lawyer in Mississauga to answer all your questions. They will make sure all of the aspects surrounding your estate planning are covered. So, you can rest assured knowing your loved ones won’t have to deal with additional stress after you are gone.

Planning Your Estate in Mississauga: Factors to Consider

Planning Your Estate in Mississauga

Here are some areas that our real estate lawyers in Mississauga think you should pay attention to when making estate-related arrangements that involve your loved ones.

1. Know Your Financial Situation

A precise assessment of your financial situation helps lay the foundation for a well-rounded estate plan. For this, you should collect all necessary documents associated with your assets and investments. For this, get help from your real estate lawyer in Mississauga to calculate the value of your assets along with your anticipated cash flow. In addition, you must calculate your net worth and then deduct your liabilities from existing assets.

In order to calculate your future cash flow that you need to generate, think about unexpected expenses, also known as contingencies. Plus, factor in the rising cost of living along with other factors that may considerably impact your finances, like your retirement plans. By having a law firm analyze your situation and provide a personalized plan, you will be headed in the right direction from the start.

2. Think About Your Stage in Life

When preparing your estate plan, think about the most important factors that will determine how you make the plans. For instance, do you have elderly parents who are completely dependent on you? Do you have one or more young children from whom you are responsible? Or is anyone who is dependent on you dealing with a disability, whether long or short-term?

By taking these factors into account, you will ensure that your dependents are well-looked-after as you will take their special considerations into account. If you are a senior without dependents, you could consider leaving your estate to a charitable institution rather than having to name beneficiaries.

3. Prepare the Paperwork

When planning your estate, make sure you prepare a list that includes all of your key assets such as your investments and real estate. In a nutshell, you need to prepare documentation that basically includes everything you own and so everything must be mentioned in detail. By creating this list, you will gain a better understanding of which accounts and items you want to leave to whom.

However, make sure you also include your liabilities in this list; that includes things like loans and mortgages, as your debts will have to be paid from your estate. Furthermore, it’s a good idea to work with your insurance provider or another financial institution to ensure you have named all of the beneficiaries for your investments.

4. Share Your Plan with Loved Ones

When preparing an estate plan, think of discussing it with family members and other loved ones for their input. Wherever you can, make sure you leave your beneficiaries with the assets they want. Once the plan has been confirmed, you also need to inform the concerned individuals regarding the plan’s details. Here are some questions to ask yourself:

  • Who do I need to inform regarding the estate plan?

When it comes to estate planning, uncertainty among your loved ones can cause needless issues. That’s why our real estate lawyers in Mississauga advise that it’s better to provide essential information beforehand to the people your estate plan affects. In this way, you will be able to address any concerns. For instance, it’s better not to appoint any trustees and/or executors before speaking to them about their duties.

  • What should you disclose?

When it comes to your customers, lenders, and employees, only tell them things they need to know and that concern them. Remember, they don’t need to know the finer details surrounding the plans you may have for your business.

5. Hire a Reliable Real Estate Lawyer

We cannot stress this point enough. There are many instances in which an estate plan may be challenged, especially if the family members or loved one in question didn’t provide a detailed will. In such instances, the execution is often done incorrectly. This results in dissatisfaction among the beneficiaries which leads to issues arising between them.

This makes it vital to consult an experienced real estate lawyer in Mississauga as they will have dealt with similar situations. Moreover, they will also know the laws surrounding estate planning in Mississauga and will ensure they are followed.

When it comes to planning and preparing an estate will, there are numerous factors you must consider collectively to deliver positive results. By having a holistic discussion with your property lawyers in Mississauga, you will be able to successfully strategize and execute your estate plan. This will ensure that all the factors discussed here, as well as your loved ones, are looked after.