By ScotiaBank
April 3rd, 2025
Learn these key concepts to help secure your loved ones’ future and ensure your wishes are fulfilled.
If you’re like many Canadians, you know you should create an estate plan, but may keep putting it off. Having a will or estate plan reduces confusion, ensures your wishes are known, and takes an enormous burden off your loved ones during a difficult time.
An estate plan is a set of documents that outlines your final wishes for after your pass way, and can speak for you if you become incapacitated, due to a car accident or stroke, for example. Your complete estate plan has several components, including a will, power of attorney documents, and more.
This primer will introduce you to terms you should understand so you can prepare for the creation of your estate plan confidently.
You’ll want an estate plan to protect your family and loved ones, even if you don’t think you have much material wealth right now. Without one, no one has the responsibility of making decisions on your behalf, which can lead to stress and unrest, as well as the expense of a court application. Many are surprised to learn that if they pass away without a will, their estate will be distributed according to provincial or territorial laws, which may or may not align with their wishes.
The Advice+ Team, ScotiaBank
