Published on Macleans.ca | Sponsored by National Bank Trust
September 5th, 2024
Neglecting estate planning can lead to personal and financial stress—start early to secure your legacy and protect your family
From The Godfather to Succession, inheritance drama has long played a starring role in film and television. But while plotting out one’s legacy might seem like the domain of billionaires like TV’s Roy family, everyone can benefit from thoughtful estate planning. Yet many of us avoid taking action.
“Only one-third of Canadians have an estate plan in place,” says Marie-Soleil Lemieux, president of National Bank Trust. “And just 46 per cent of adults in Canada have basic knowledge of how to organize their estate. Some people think estate planning is only for the wealthy, but there are lots of reasons that make it important for everyone.”
Those reasons include ensuring your kids under 18 will be looked after, your end-of-life wishes will be honoured and your assets are appropriately structured to minimize estate administration tax and preserve your money for your loved ones.
Your executor is effectively stepping into your shoes to handle your assets as though they were you—making sure tax returns are filed, dealing with your investment advisor, getting that grant of probate, and then ultimately distributing to the beneficiaries. It’s a big responsibility.
Melinda Olliver, Senior Tax and Estate Planner, National Bank Private Banking
If possible, the first step should be an open conversation with loved ones. Yes, it’s an uncomfortable topic, but sometimes those conversations can crystallize what is actually important. The end result is having a family that’s much stronger and feels well prepared to respect your wishes.
