You need an estate plan, but do you need a lawyer to do it properly?
CTV
Estate planning can seem daunting, especially if you think it requires hiring a lawyer. In his latest column for CTVNews.ca, personal finance contributor Christopher LIew covers practical tips to simplify the process.
Estate planning can seem daunting, especially if you think it requires hiring a lawyer. After all, good lawyers don’t come cheap, and it’s hard to trust a cheap lawyer.
Thankfully, you can start your estate planning without a lawyer. In fact, the more you can prepare before meeting with a lawyer to finalize the details, the smoother the entire process will go, as you’ve already taken the initiative and completed most of the hard work yourself.
From listing out your assets to creating a will, I’ll cover some practical tips and tools to simplify the process. Whether you’re just starting or looking to refine your plan, these steps will help you take control of your future and provide peace of mind for you and your family.
If you’re just getting started, the Financial Consumer Agency of Canada has an excellent estate planning checklist to help you stay organized. In short, estate planning involves:
How involved your estate planning becomes will largely depend on the size of your family, the amount of wealth you manage, and the number of assets you have.
Even if you plan to donate everything you own to charity when you pass away, you’ll still need to do some estate planning to ensure your wishes are honoured.
Fun fact: a number of prominent billionaires have signed The Giving Pledge, and are planning to donate large portions of their wealth to charity after they pass away.
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