Keep Family Members Informed
It is important to communicate effectively with the family members who would be beneficiaries of your recreational property or other assets. Surprises on your death may not be well received. Upon your untimely demise, don’t assume your children will “sort things out” in a harmonious and amicable fashion. A lot of emotional baggage, sibling rivalry, or other unpleasant human dynamics could be released at that time. You need to consult with your advisors first to sort out your wishes, and get strategic planning advice based on them. In some cases, it is more effective to arrange for a meeting with your family members and yourself with your primary advisor or team of advisors. That way, your family members hear the objective professional logic and reasoning behind the recommendations. Questions can be answered and issues addressed as they arise, in advance. This third part professional patina of credibility should go a long way in making your family members feel a part of your final planning outcome decision-making process.
Alternatively, you could get your primary advisor to set out their recommendations and why in writing. You could then provide the future family beneficiaries with that document as a starting point for discussion.
Part of good communication is to keep an updated personal inventory and information list dealing with all your financial matters. This would be available to your executor and family members, or if your power of attorney is exercised. It would minimize or eliminate frustration and delay in dealing with your estate or financial matters. You don’t want to leave unanswered questions. This document could be kept in your safety deposit box, and a copy in some secure place at home where you executor knows about it. For a free downloadable 16-page personal inventory profile, go to www.estateplanning.ca, or through the www.homebuyer.ca website to that link.
Professional will and estate planning will provide you with peace of mind, save you money, and leave lasting memories of you as a caring and thoughtful person.
