Estate Planning Checklist

November 15, 2019

Estate Planning Checklist

Planning your estate matters is one of the important aspects of your overall financial plan. A well-thought-out estate plan will help you ensure that your family is cared for in case something happens to you. Your wealth should go where you want it to. Estate planning is the only tool to transfer your wealth to your loved ones in a tax-efficient and smooth way. To make the process easy for you, we have come up with an estate planning checklist that will cover all the important aspects of your estate plan.

Financial circumstances and goals vary from person to person. Something insignificant or irrelevant for someone could be vital to your estate plan. However, preserving family wealth is the top priority of many people. Estate planning is a comprehensive process that deals with many things from funding educational pursuits for your children to providing for your spouse. Let’s get down to the estate planning checklist:

Keep your Will updated

If someone dies without a will, their wealth is then distributed according to provincial legislation which may create problems for the family of the deceased. Provincial legislation requires additional legal fees and time to settle estate issues in case there is no legal document describing the wishes of the deceased. So, make sure to prepare a will and update it after every major event in your life.

Buy life insurance to cover expenses

A sound life insurance policy can do much more than providing a large amount to your beneficiaries. Debts, final income taxes, and funeral expenses are some of the problems that can be solved with a comprehensive life insurance policy.

Visit our website to learn more about different life insurance options!

Give Power of Attorney for personal care and property

As part of your estate plan, you can empower a person to make important financial and health care decisions on your behalf in case you become incapacitated. You can define the scope of the power you want to give to your attorney. Giving someone the power to act on your behalf will be helpful in unpredictable future events such as illness, annual vacations, or situations where you’re unable to manage your financial affairs.

Set up a trust fund

A trust is a useful tactic to hold and pass on the family property. Simply put, a trust is created when a person gives his property to someone (trustee) to manage on behalf of another person (beneficiaries). There are many types of trusts. Consult a financial planner to further understand how you can set up a trust to transfer your wealth in a very systematic way.

Estate planning isn’t a formality, you must carefully analyze your financial matters and your needs before preparing a plan. Don’t forget to consult a professional financial advisor to create an estate plan that effectively reflects your wishes. While a well-crafted will is a key part of your estate plan, don’t overlook other important aspects.

About Kewcorp Financial

Kewcorp Financial provides objective guidance on a range of financial planning matters: estate, investment, retirement, and taxes. If you’re in Edmonton and looking for professional help to streamline your estate planning affairs, feel free to reach out to Kewcorp Financial!

Did you know

More than half of Canadians don’t have a last will and testament in place, which means more than half of Canadians have no say in what happens to their wealth should they die. Make sure you have a well-thought-out estate plan to keep your financial matters in your control.

Contact us for more information!


Jim Kew

Financial Planner
Contact Jim

Scott Kew

Financial Planner
Contact Scott