I recently held a seminar for clients of an investment advisor to get them thinking about estate planning. Although the attendees seemed very interested in what I had to say, I think they may have been too shy to ask some questions. Here are some common things that I can state about the importance of estate planning.

Preparing or updating your Will and developing a plan for your estate are two of the most important things you will ever do to help protect your family and your legacy. Approximately one-third of Canadian households are not protected by a Will. What they do not realize is that, in addition to protecting their families and legacies, estate planning is an essential part of a complete financial plan.

An estate plan sets out how you want your assets distributed after your death, so that your beneficiaries receive the greatest possible benefit. It also helps ensure that your wishes for your estate are carried out.

Everyone has different financial needs that affect their investment decisions. Estate planning is no different. How you structure your estate plan depends on what you want to accomplish. Your estate plan should accommodate your specific needs and circumstances. Each situation is unique and requires as much time and care as any component of your financial plan.

We realize that the estate planning process can be complex. We would be pleased to discuss your situation and provide direction on where you can begin your estate planning.

Q: What can an estate plan do for me?

A: Aside from the clear financial benefits, having a plan in place puts you in control of your future. By working with us, you can decide what you want to happen with your assets, and be confident that your wishes will be carried out. The realization of the goals you have set in your life - goals such as your children's education, your family's economic independence, or your support for charities - can be continued through your estate plan. You gain peace of mind and help your beneficiaries enjoy a  more secure future.

Q: What benefits can I expect?

A: An estate plan can help:

   - make sure that the people and causes you care about will be looked after
   - minimize or defer taxes that are payable at death
   - reduce probate fees
   - establish a clear ownership of jointly-owned property, bank accounts and investments
   - establish trusts that may have tax advantages and preserve family property such as a home, cottage or business
   - help private business continue to meet a family's need or ensure that the maximum benefits are received from a sale or wind-up
   - ensure that your beneficiaries are taken care of while your estate is settled
   - make sure that your estate is settled cost-effectively and without delay

Q: How can estate planning reduce the taxes on my estate?

A: Trusts, gifts, donations and life insurance are just some of the options we may suggest. We'll recommend and help you implement the strategies that are most appropriate for your personal financial situation and goals.

Q: How can a trust help me and my beneficiaries?

A: A trust is simply a way to ensure that commitments you make to the financial security of others will continue. You can use a trust to:

   - continue to support a beneficiary with special needs or one too young to manage an inheritance
   - provide income to a loved one without the burden of managing
   - give ongoing support to a favourite charity or cause
   - continue your business achievements
   - preserve family assets such as a cottage or property

We can provide you with professional advice on the role and structure of a trust, and serve as the solicitor for your estate. In this role, we ensure the trust assets are managed, provide administrative services and assist on taxation matters.

Q: When is the right time to plan and create a Will?

A: In a word - today. Virtually every adult should have a Will and review it at least every three to five years. Of course, that's not always what happens. For most people, some event usually prompts them to start thinking about planning for the future. A change of marital status in your family, the birth or death of a family member or a change in your financial situation or employment status are all good reasons to think about the importance of an up-to-date Will. If you are not sure whether to proceed, just give us a call. We'll meet, review your situation and make an appropriate recommendation. There's no obligation, and you'll have the information you need to make a wise decision.

Q: Does it matter who I appoint as my Executor?

A: Yes. The Executor of your Will has to make sure that your wishes are carried out exactly as stated in your Will and handle all the legal and financial requirements of settling your estate. The right Executor can save your estate money, shorten the settlement process considerably and ensure that all your beneficiaries are looked after relative to the provisions in the Will.

Q: How should I go about choosing an Executor?

A: You may think that this is an honour that should be given to a friend or relative. What you may not realize is how difficult the job can be. We would suggest you consider these five questions:

   - Are you sure the Executor will be there when needed and able to devote enough time to the job?
   - Is the person comfortable in dealing with the legal, tax, investment, real estate, and business management aspects of being an Executor?
   - Have you asked, and has the person agreed, to take on the responsibility?
   - Does the person you've chosen understand that he or she can be held personally liable for any mistakes?

If you have answered "no" to any one of these questions, we would recommend that you consider appointing us as the solicitor to your estate.

Q: What are the benefits of choosing us as the solicitor to your estate?

A: We have the ability, knowledge, and professional network of external and internal staff to settle your estate as efficiently and cost-effectively as possible. As the solicitor to your estate, we work with a family member or friend of your choice. Major decisions are made jointly, but we take responsibility for all the day-to-day management and administration. Your beneficiaries will have the advantage of dealing with an experienced lawyer, who coordinates all of our services and understands your family issues. It can be very helpful to have the assistance of this concerned, knowledgeable and impartial individual during what can be a difficult time.

Q: How does the estate planning process work?

A: When we are appointed as solicitor for your estate, we begin with a complete review of your personal priorities. We get to know you and understand your vision of the future, the needs of your family, and your financial goals. Then, we coordinate the work of tax lawyers, accountants and your financial advisors to provide you with options to consider. When you've decided which options are right for you, we'll build a comprehensive estate plan that meets your goals and helps you provide for your beneficiaries.