Estate Planning: What Often Gets Forgotten?

Written by Janet Helm, Realtor® Seniors Real Estate Specialist (SRES®)  Canadian Certified Seniors Representative (CCSR)

Estate planning is about much more than a will. What often gets forgotten isn't always another document. Sometimes it's having the right people and conversations in place before they're needed.

For older adults and their children, it can feel overwhelming knowing where to begin, especially when there are so many pieces to consider: wills, powers of attorney, healthcare wishes, financial planning, taxes, trusts, real estate and more. And often, the things that get forgotten are the conversations and practical details that can make a difficult time much easier for everyone.

Not sure where to turn? Sometimes the most helpful first step is simply knowing who to ask.

A quick glance below at often missed topics are below. A little planning now can make a big difference later.

1. Representation Agreement: Who can make healthcare and personal care decisions?

2. A current will: And does it still reflect your wishes?

3. Who is your Power of Attorney(s) what is their legal obligation and what are your and their expectations?

4. Who is your executor(s) what is their legal obligation and what are your and their expectations?

5. Beneficiary designations: RRSPs, TFSAs, insurance policies and other accounts may pass outside the will.

6. Digital accounts and passwords: What happens to online banking, subscriptions, photos and social media?

7. Location of important documents, safety deposit boxes, bank accounts, trusts: Would your family know where to find everything?

8. Real estate plans: Is the home still appropriate for your future, and have you considered what happens if it needs to be sold?

9. What will happen to belongings inside the home?

10. Tax considerations: Particularly when there are significant assets, property or an inheritance involved.

11. Family conversations: Perhaps the biggest one. Everyone may have assumptions about “what Mom or Dad wants or wanted,” yet assumptions are not the same as conversations. What seems obvious to one person may be completely different from what another family member believes. Talking openly about wishes, expectations and values now can help alleviate some of the stress and overwhelm of making difficult decisions later.

12. Who is on your team? A lawyer, financial advisor, accountant, insurance professional and other specialists may all have a role. Consider introducing your children or future Power of Attorney to the professionals you work with now, while you are able to be part of those conversations. That might mean introducing them to your lawyer, financial advisor, accountant and bank manager. Building those relationships in advance can make it much easier for your family to know who to turn to, what questions to ask and where to start when they eventually need to step in.

    You don’t have to figure it all out on your own. I’ve built relationships with trusted, like-minded professionals who understand the unique needs of older adults and their families.

    If you already have a team in place and are happy with the professionals supporting you, fantastic. If you’d like introductions to specific professionals, please ask. Meeting them now gives you time to ask questions, interview them and decide who is the right fit, rather than making a reactive decision when you need help.