You may consider naming a trust company or lawyer as co-executor. You want to name someone you trust, preferably someone who has some experience and capability in personal financial management. Your executor has many responsibilities, including paying your final debts out of your estate, filing your final tax return, and managing your investments and other assets until they're distributed.Ĭhoosing your executor is an important decision, so make it carefully. Your executor is the person named in your will who's responsible for administering your estate and carrying out your final wishes. There's no assurance your assets will be distributed according to your wishes. You can make a list of your tangible and intangible assets. After all, you can’t create a plan for your assets if you don’t know what your assets are. Those you leave behind may have to apply to the courts for support from your estate, which can be a stressful and time-consuming process. Taking an inventory of what you have is an important step in the estate planning checklist. If you die without a will, your belongings will be administered and distributed according to the laws of the province or territory you live in. Talk openly with your family A presenter I once saw, joked (but he wasn’t joking) that when your child turns 18, they do not get a car. In your will, you can outline how you want your assets distributed, arrange for the ongoing care of your dependants, name guardians for your minor children or make a bequest to charity. Estate planning involves enumerating all your tangible and intangible assets, not only physical property such as cars, furniture, paintings or. consists of trained lawyers who have spent hundreds of hours researching estate planning and using the services we recommend. Estate plans must be updated after significant life events.

Michelle Knox suggests Death Over Dinner in her TED Talk, Talk about death. Estate planning attorneys can cost several hundred dollars per hour. Two topics often overlooked in estate planning are beneficiaries and belongings. A valid will is the cornerstone of any estate plan. Take inventory of all tangible and intangible assets. Online estate planning services offer basic packages for less than 200.

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