What is Estate Planning & Legacy?

Estate & legacy planning is the system for transferring assets and responsibilities by aligning wills, trusts, beneficiary structures, taxes, and family governance so outcomes match intent and friction is reduced.

Key Estate Planning Decisions

Wills and powers of attorney

  • Keep documents current
  • Confirm ownership and beneficiary designations
  • Choose an executor intentionally

Probate and settlement friction

  • Know what triggers probate
  • Prepare documentation and asset records
  • Avoid structural shortcuts

Trusts and succession

  • Use when governance/control is needed
  • Protect vulnerable beneficiaries
  • Ensure complexity remains justified

Family governance

  • Hold the family meeting
  • Document expectations and responsibilities
  • Convert family values into structure

FAQ

Do I still need a will in Canada if assets are joint?
Yes. Joint ownership can simplify transfers, but it can also create fairness, control, and tax issues. A will plus clean ownership and beneficiary structure protects intent.
What is probate in Canada?
Probate is the legal process that validates a will and allows an executor to distribute assets. Avoiding probate should not create worse tax or family outcomes.
What does an executor do?
An executor administers the estate: collects assets, pays debts and taxes, files returns, and distributes the remainder according to the will. Preparation reduces delays.
When does a trust make sense in Canada?
Trusts can help with control, protection, and structured distribution (minors, blended families, complex assets). The value is often governance and intent protection.
How are capital gains taxed at death in Canada?
Canada generally treats most assets as disposed at fair market value at death, which can trigger capital gains tax. Planning focuses on liquidity, timing, and coordination.