Introducing Estate at Ease, offered through Canada Life

After a loved one dies, paperwork is the last thing on anyone’s mind.

Estate at Ease, offered through Canada Life makes this easier.

Managing a loved one’s estate can be an additional stress for executors who are already grieving a loss. Estate at Ease™ estate documentation and identity theft protection service can alleviate some of this burden. It’s an opportunity to help your client’s beneficiary in their time of grief.

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Considerations when Choosing an Executor

As financial advisors, we are often asked about the importance of an up to date Will, Power of Attorney and Representation Agreements. Shockingly 56% of adult Canadians do not have a current or valid Will, leading us to recommend updating these documents, along with a discussion on who should be considered as the Executor.

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Six Important Reasons to have a Will

It has been said that a Will is the last message you will leave your family.  Having a Will can provide clear direction as to what your wishes are and who will get what.  Die without a Will (known as dying intestate) and chaos will likely be the result.  Having a Will allows you to provide for certainty instead of chaos.

Most of the reasons to have a Will have to do with what happens if you don’t have one and that often will depend on what province you reside in.  Each provincial government has its own Wills and Estate legislation which also provides for the rules regarding intestacy.  The following are some of the reasons to have a Will and what could result without one.

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Preparing your Heirs for Wealth

If you think your heirs are not quite old enough or prepared enough to discuss the wealth they will inherit on your death, you’re not alone. Unfortunately though, this way of thinking can leave your beneficiaries in a decision-making vacuum: an unnecessary predicament which can be avoided by facing your own mortality and making a plan.

If you have a will in place, great. A will, however, is only a fundamental first step, not a comprehensive plan, point out authors of the 2017 Wealth Transfer Report from RBC Wealth Management.

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The Duties of an Executor

An executor is an individual or institution that is named in a will whose duty is to distribute estate assets according to the testator’s wishes. Acting as an executor can be stressful and time consuming so it is a good idea for a testator to make his or her choice wisely, and for someone who is asked to be an executor to investigate and review exactly what the job entails.  Often the executor is the spouse of the deceased. That tends to make the role somewhat more straightforward than it would be for a family member, friend or other acquaintance. In any event, this article covers the duties and obligations of an executor.

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