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 seniors and their adult 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.

You don't have to figure it all out on your own. 

Over the years, I have built relationships with trusted, like-minded advisors who understand the unique needs of older adults and their families. I can connect you with professionals you can interview and decide whether they are the right fit for you. The goal isn't to tell you who you should work with. It's to help you know where to start.

Whether you're beginning to put your estate plan together, reviewing an existing plan, or helping your parents get organized, having the right professionals around you can bring clarity and confidence.

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. Funeral and end-of-life wishes: Have you actually talked about what you want?

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

10. What will happen to belongings inside the home?

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

12. Family conversations: Perhaps the biggest one. Everyone may have assumptions about “what Mom or Dad wants,” but those assumptions aren't always correct.

13. Who is on your team? Lawyer, financial advisor, accountant, insurance professional and other specialists may all have a role.