Waters & Meredith - Estate Planning Questions

Estate Planning Questions

Have you prepared and signed a will?

Have you prepared and signed a financial power of attorney?

Have you recently reviewed your will and financial power of attorney?

Are your will and financial power of attorney up to date?

If you are married or cohabiting, have you taken steps to protect assets you brought into the relationship?

Have you named beneficiaries and alternative beneficiaries for your registered retirement savings plans (RRSP's), annuities, life insurance policies, life income funds (LIF's) and registered retirement income funds (RRIF's), pension plans and/or deferred profit-sharing plans (DPSP's)?

Are your beneficiary designations up to date?

Have you named backups for your executor and powers of attorney?

Have you provided for all your dependents?

Have you ensured that your spouse will not have to make a claim against your estate?

Have you estimated your income tax due on death?

Have you taken advantage of special rules to roll over eligible assets tax-free to your spouse?

Have you estimated the cost of having your will probated?

Have you reviewed how to best register the ownership of assets?

Do you have enough cash to pay the cost of dying - including income taxes and executor and probate fees - without forcing the sale of family assets?

If you have specific wishes regarding your funeral, have you left instructions with your executor?

Have you prepared a living will or medical directive?

Have you prepared a power of attorney for personal care or a health care proxy?

Have you documented your wishes regarding organ donations?

Have you considered making a planned gift to charity?

If you have a business, do you have a succession plan?

Does your spouse/children/executor know the names of your professional advisers and how to contact them?

Does your spouse/children/executor know where to find your will, financial records, income tax returns, bank accounts, safety deposit box and insurance policies?

Have you prepared a personal inventory?

Have you prepared all necessary documents (including will, living will, powers of attorney) for your estate plan?

Do you have all the information you need to complete your estate plan?

Is your estate plan up to date?

Waters & Meredith
Chartered Accountants
Telephone: 905-356-4324
Fax: 905-356-0964
E-mail: wm@watersmeredith.com

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