Hey Millennials! Here’s Why You Should Start Your Estate Planning Now

It is no secret that Millenials are being forced to delay traditional life milestones: marriage, having kids, buying a home, etc. An unstable economy, lower salary increases and higher living costs (especially if you live in a big city), are all contributing factors to this problem. Millennials (many of whom engage in side jobs to make ends meet) often focus on on the present, rather than planning for the future.

There is still a case to be made for planning for the future — and doing so now.

The reality is, even if you have had to delay buying a home, get married or have kids, you still need to plan for your future. That does not  mean just opening and contributing to an RRSP. It is much more than that.

Estate planning is necessary for people at any age (especially for those over the age of 18) but it is particularly beneficial for people who want to climb the corporate (or career) ladder and start a family.

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Power of Attorney

A Power of Attorney allows you to appoint someone to make financial decisions on your behalf. Our order forms makes it easy for you to appoint an “Attorney” as the person who will be making financial decisions on your behalf should anything happen to you. Read on below to find out what goes into a POA. 

Why You Need a POA

It is commonly believed that a POA is usually created for elderly parents looking to secure their assets/estate and protect themselves from fraud. However, anyone may find themselves in a position whereby he or she can no longer make decisions on their own behalf. Take for instance, an event where you are severely injured in a common car accident. You may slip into a coma and be rendered unable to speak or convey your wishes. As much as we dislike dealing with this possibility, this could happen to ANYONE. That bears the necessity of having a POA.

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Your Foolproof Guide to Preparing a Living Will Online

A Last Will and a Living Will are two different estate planning documents: one deals with your affairs after you have passed on, while the other deals with your affairs while you are alive. A Last Will and Testament specifies decisions relating to the end of your life. A Living Will allows someone to make health care decisions on your behalf. If, for instance, you slip into a coma or no longer have the mental capacity to make decisions on your own, your Living Will expresses your wishes in regards to what type of health care you wish to receive. A Living Will, may for instance, contain a “Do Not Resuscitate” order or a refusal for a very specific type of medical procedure. We can assist you with a foolproof guide on how to create your legal documents. 

To create a Living Will, you need to be at least 18 years of age and be of sound mind. You also need to appoint someone to act as your “Attorney” (otherwise known as an “Agent” or “Proxy” in some provinces) to convey your health care wishes to your family and physician who may be looking after you in a hospital. A Living Will can ensure that the choices relating to your health are respected by all parties impacted by your incapacity.

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What You Need to Know About Being the Executor of a Will

Being asked to be the Executor on behalf of a loved one is often viewed as a sign of honour and respect.

It can also be an incredibly stressful experience if you are ill-prepared. If you are asked to be an Executor, do you know what your responsibilities will be?

An Executor has specific duties and responsibilities to undertake. If you ever find yourself in the position of taking on the role and responsibilities of Executor, you may want to familiarize yourself with what you will need to do. Many Executors are chosen on the basis of a) having a previous established (close) relationship based on trust with the person creating the Last Will and Testament, and b) knowledge of the financial matters pertaining to the role.

We will list the responsibilities and tasks an Executor takes on  further down below (although this is by no means an exhaustive list).

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