Estate planning: is it still on your to-do list?
Have you considered your estate plans? Estate planning conversations can sometimes be difficult ones, but we’re here to help. We spoke with David Lee, one of our Client Service Advisors, on what to think about when making your future plans. The important conversation “I usually recommend that members start with the basics,” says David. The first step is to have an open conversation with your family. “It’s one of those topics that we usually avoid with our family members, because we don’t want to talk about death and who gets what or how much, but it helps your family understand your wishes and minimize the risk of future disputes and disagreements,” he adds.
Why a will is important
David also advises members on the importance of having a will in place, and recent data supports that need: an Angus Reid Institute poll from 2017 showed that more than half of Canadians don’t have a will. “The will is the key element when it comes to estate planning, because it allows members to provide for an orderly distribution of their assets in accordance with their wishes.” Having a will minimizes the burden on your family members after your death. Without a will, your assets will be distributed according to provincial law. “If members don’t have a will, I usually recommend they get professional legal help drafting one,” says David.
Already have a will? When is the last time you reviewed it?
“Sometimes members have designated someone as executor or estate trustee and that person has since died, so I always tell members to keep their will up to date.” Ensure that the person you’ve named as your executor or estate trustee is still able and willing to fill that role — even with a will, there are a variety of steps they will have to go through with financial institutions after your death, so it’s critical that you’ve named someone that you feel will be able to handle that responsibility.
What about a power of attorney?
David also advises that you may want to consider drawing up a power of attorney document. A power of attorney is a legal document that names the person or people who can make decisions on your behalf. If you’re no longer able to make decisions for yourself, the person named in your power of attorney for personal care can make decisions about things like your health care and housing and the person named in your continuing power of attorney for property can make decisions about your financial affairs.
Other things to consider:
David also offers these quick takeaways for you to consider in your estate planning:
Life insurance: “Review your life insurance policy periodically and do a quick needs analysis to make sure your coverage is appropriate.”
Beneficiaries: “Check your pension, life insurance, and registered accounts to ensure your beneficiary designations continue to reflect your wishes and that any contact details are up to date.”
Contacting OPB Advisors
If you have questions about your survivor benefit entitlements or would like to discuss considerations for estate planning, our Advisors are available at no cost to help you over the phone or through a video call. To book a one-on-one session, log in to your e-services account and select ‘Book My 1-on-1’. You can also contact our Client Care Centre to set up an appointment.