Estate planning essentials for retired Canadians

What is estate planning?

Estate planning is about making sure your money, property, and personal wishes (including your PSPP pension) are handled the way you want during your lifetime and after you pass away. It is important to develop a comprehensive estate plan that deals with all of your assets, for peace of mind and to make things easier for your loved ones.

Key documents you’ll need

1. Will
   • Names the recipient(s) who will inherit your assets after you pass away.
   • Names an executor to carry out your wishes.
   • Helps avoid delays and confusion on how your assets should be divided.
   • Identifies an estate trustee if you and your spouse pass away at the same time.
   • Names a legal guardian for any minor dependent children.
2. Living Will
   • Provides a written statement outlining the medical care you want if you become incapacitated and are unable to act for yourself.
3. Power of Attorney for Property (POA)
   • Allows someone you trust to make decisions on your behalf while you’re alive but unable to make decisions for yourself.
   • Tip: Send a copy of this document to OPB to keep on file if it is ever needed. Only a properly signed, witnessed, and complete POA for Property document is acceptable for a representative to communicate with OPB. (The POA for Personal Care is not required.)
4. Power of Attorney for Personal Care
   • Outlines your wishes for medical care if you’re unable to make decisions for yourself.
   • Helps guide doctors and family during tough decisions.

What about your pension and benefits?

• Your Public Service Pension Plan (PSPP) pension: The PSPP provides survivor benefits and lump-sum payments to your estate.
• Canada Pension Plan (CPP) and Old Age Security (OAS): These may offer death benefits or survivor pensions, so make sure your spouse or estate knows how to apply.
• RRSPs/RRIFs: You can name a beneficiary to avoid court processes and simplify asset division.
• Make a list of your accounts, insurance policies, and important contacts.
• Store your documents in a safe place—and let someone know where they are.
• Review your plan every few years or after major life changes.

Need help?

Consider speaking with:

• A lawyer for legal advice.
• Your financial advisor for investment-specific advice.
• A certified tax specialist for tax planning.
• OPB’s Client Care Centre and Client Service Advisors for support regarding your pension.