Happy New Year, everyone!

There’s no better time than the start of a new year, when everyone is making their resolutions and goals for the year ahead, to consider getting your estate planning in order. We’ve done countless blogs here detailing all the good reasons to create an estate plan and draft a will (see some of my colleagues’ posts here and here), and this recent article from the Globe and Mail highlights just how important it is for everyone, regardless of financial or marital status. For example:

• It allows you to make your own decisions, rather than the government stepping in and deciding what happens to your assets.
• Planning ahead can ensure you have funds for any health needs that might come up as you get older.
• It can also ensure your beneficiaries are able to cover taxes on any assets you leave them.

As the article notes, estate planning does not have to be difficult, and you don’t have to do it all by yourself. The key is to think about the “big picture” decisions, such as guardianships for any minor children, powers of attorney in the case of incapacitation, and life insurance policies to help beneficiaries take care of immediate expenses. It’s also crucial to keep track of your accounts and review your plan regularly as your circumstances change. Consulting an advisor or lawyer can be sufficient if your estate is simple, or a team of financial, insurance, tax and legal advisors can help craft a comprehensive plan in the case of more complicated estates.

A 2023 poll showed that fewer than half of Canadians have a will, including only one in five people over 55. Let’s improve those numbers in 2025 by making estate planning your New Year’s resolution.

Wishing you all a safe and happy year ahead!