During your life, you have accumulated property, investments and possessions. This accumulation is referred to as your “estate”. If you die without leaving instructions, the courts in each province are authorized to distribute your possessions according to the laws of the province.
Estate planning involves considering what you want done with the assets you have accumulated. With careful planning, your property will be disposed of in the manner you want. When planning your estate, you should consider the following:
Estate planning matters are generally regulated under provincial legislation. Rules and regulations can and do vary across Canada. Keep well informed of changes, as they could affect your plan. Ensure you evaluate your personal situation periodically and when a significant change occurs (such as a marriage, divorce, or birth of a child/grandchild). Moving between provinces is also a good time to review and update your plan as necessary.