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Financing Retirement: Estates and Wills for Seniors

Consider estates and wills as part of retirement planning

 

Estates and Wills

When you are planning for your retirement don't forget to include estate and will planning as part of the process. If you and your spouse are retiring together then ensure that your will has outlined how the surviving spouse will be taken care of, should anything happen to one of you.

When it comes to estate planning, a lawyer is your best resource. You should ask your lawyer a number of questions, including the tax implications of any decisions that you make regarding your will. 

Power of Attorney

Powers of Attorney are another factor to consider when seniors plan for the future. It is important to outline your personal preferences when it comes to empowering someone else to make decisions for you, in the event that you are unable to do so yourself.

When it comes to Powers of Attorney there are generally two kinds in Canada - Power of Attorney for Property and Power of Attorney for Personal Care. Both are important.

Read the article Do You Have a Power of Attorney for Property where Gary Indech explains why it's especially important for seniors to have a Power of Attorney for Property as part of the estate planning process.

Make sure you discuss your estate, will and powers of attorney with your family to ensure that they are aware and ready to execute your wishes. 


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