Wills and Estate Planning Advice: Building an estate plan that will make your executor’s role easier

Last Updated on October 9, 2024 by Shayna Beeksma

Disclaimer: This article discusses Estate Planning.  It is intended for the purposes of providing information only and is to be used only for the purposes of guidance. This article is not intended to be relied upon as the giving of legal advice and does not purport to be exhaustive.

Let’s talk about your legacy. 

What will you be remembered for? What will your loved ones think of you after you’ve passed away? 

We want to help you leave behind peace of mind and clarity. We want your loved ones to know and understand your wishes and be able to carry them out without too much stress.

To do that, you need a comprehensive estate plan. Creating a comprehensive plan helps ensure that your wishes are honoured and your loved ones are taken care of after your passing.

It also simplifies the process for your estate trustee (commonly referred to as your executor), the person responsible for carrying out your wishes. We have discussed before how important that role is and how it is a serious responsibility that spans from going through the probate process to distributing your assets. 

This article will explore how to build an estate plan that makes your estate trustee’s role easier.

Have a comprehensive estate plan, including a will and other legal documents

Of course, you do not want to die without a will. Doing so creates many headaches for your estate trustee and beneficiaries, including paying more estate tax, not having a guardian for your minor children and can lead to family disputes.

However, an effective estate plan encompasses more than just a will. While the will is a central component outlining how you want your assets distributed, there are other critical documents to consider:

• Power of Attorney for Property and a Power of Attorney for Personal Care: These documents will appoint someone to make decisions on your behalf if you become incapacitated. This makes your estate trustee’s role easier when you pass because your financial and personal affairs will already be managed in accordance with your wishes, minimizing confusion and ensuring a smooth transition.
• Gift acknowledgments or trust agreements (if necessary): In a previous article, we discussed the importance of making your wishes known. Drafting supporting agreements and documents can ensure that there is no confusion as to your true intentions.  

These documents ensure that every aspect of your estate is handled according to your preferences and provide clear instructions for your executor. Depending on the complexity of your estate, you may also choose to have other documents drafted. You would need to an estate lawyer well-versed in this area (such as ourselves). 

Avoid common estate planning mistakes 

You’ll want to consider how you can avoid these common mistakes related to estate and will planning. 

Not updating your will and powers of attorney: Life changes such as marriage, divorce, or the birth of a child should prompt a review and potential update of your will and other documents. You may need to add to your will, such as if you need to name a guardian for your minor children.

This could include a change in your life or the life of your attorney. For example, if your power of attorney for personal care moves to another province, it’s a good idea to name someone you trust who is closer and can be more hands-on in your care.

Not naming contingent beneficiaries, attorneys and estate trustees: Always name a backup or alternate. Your original appointment may predecease you or simply prevent you from taking on the role. 

Overlooking important decisions or assets: You may have a will, but it may be missing key decisions or assets, such as digital assets, joint bank accounts, pets and more. 

Ignoring tax implications: Consult with a financial advisor (we have trusted advisors we can recommend) to understand the tax implications for your beneficiaries and plan accordingly. This is especially important when there are changes in legislation. 

By addressing these issues, you can prevent unnecessary complications and ensure your estate is distributed as intended.

Make all of your important documents easy to find

For your executor, locating all the necessary documents (estate planning documents, life insurance policies, etc.) quickly is crucial and can prevent unnecessary delays. To make the process smoother, organize and store all estate planning documents in a secure, easily accessible place, and ensure your executor knows their location. Additionally, you may consider creating a master document list that compiles all your documents, accounts, and assets, including contact information for your attorney, financial advisor, and insurance agents.

Beeksma Law: Strategic advice for your estate planning process 

At Beeskma Law, we specialize in providing strategic advice to help you navigate the estate planning process. Our goal is to make sure your wishes are clearly defined and your executor’s role is as straightforward as possible.

Here’s how we can assist you: We offer personalized consultations, taking the time to understand your unique situation and tailoring our advice to meet your specific needs. Our comprehensive planning ensures that all aspects of your estate plan are addressed, guiding you through the entire process. Additionally, we provide ongoing support, helping you update your plan as life changes and new laws come into effect.

Creating an estate plan doesn’t have to be daunting. With careful planning and the right support, you can ensure your executor has clear instructions, reducing stress and potential conflicts during a difficult time.