General-information disclaimer: This article provides general information about Ontario law and is not legal advice. Legal outcomes depend on the specific facts. Obtain advice about your own situation.
Estate planning is broader than writing a will. A complete discussion usually considers what you own, how it is owned, who depends on you, who should make decisions if you become incapable, and how your wishes should be carried out after death.
The process becomes easier when it begins with information rather than documents.
A realistic scenario: what can go wrong without advance legal planning
The following is a fictional/composite scenario created for education.
A couple in their fifties has an old will from before they bought a second property and started a business. Their adult children assume everything is organized. Neither spouse has updated powers of attorney, and the business succession plan does not connect with the wills. Nothing is obviously “wrong” day to day, but several important documents no longer match their life.
What you should know
1. Inventory assets and debts
List real estate, bank and investment accounts, registered plans, insurance, business interests, valuable personal property and significant debts.
2. Understand ownership and beneficiary designations
Some property may pass outside the estate because of joint ownership or beneficiary designations. Those arrangements should be reviewed as part of the whole plan.
3. Choose estate trustees
The person administering an estate may need to deal with banks, taxes, property, beneficiaries and court processes. Choose someone capable and willing.
4. Plan for incapacity
A continuing power of attorney for property and a power of attorney for personal care address decision-making during life, not after death.
5. Identify special family circumstances
Minor children, dependants, blended families, disabilities, estrangement and business ownership may require more tailored planning.
6. Review regularly
Major relationships, assets, tax circumstances and laws change. Estate planning should be updated when life changes.
Practical checklist
- Prepare a complete asset-and-debt list.
- Review beneficiary designations and joint assets.
- Choose primary and alternate estate trustees.
- Choose attorneys for property and personal care.
- Book a legal review before drafting or updating documents.
The practical lesson
The goal of estate planning is not to predict every future event. It is to create a coherent plan for the people and assets that matter now, with enough flexibility to be reviewed later.
Get help before the issue becomes urgent
Thomas, Efraim LLP offers a free 30-minute consultation and a free Will and Powers of Attorney review. Bring existing documents and a basic asset list to make the review more productive.
