An estate plan can help to safeguard your property and ensure ownership gets passed to the people or organizations you care about. Will and estate planning can also help to reduce the burden placed on loved ones, especially during a difficult time. 

While there are no estate taxes in Canada, there is often a sizeable tax liability when someone passes away that many do not adequately plan or account for. To ensure your beneficiaries receive the full value of your intended gifts and inheritances, put the proper plans in place to defer or reduce any taxes owing where possible, or consider additional strategies. 

To have an effective will, you'll need to include the right instructions. You'll want to ensure you name an executor, assign powers of attorney, and decide how often you want to review and update it. We don't recommend creating your will yourself; we suggest you connect with us so our specialists can help guide you.

If you die without a will, provincial law decides what happens to your assets and who gets custody of your minor children – which may not reflect your wishes. Also, your loved ones could spend a long time going through probate, which can sometimes be very costly. 

The executor is responsible for managing the affairs and final wishes as stated in a will or trust after one's passing.