11.4.7 Estate planning checklist

From: Financial Consumer Agency of Canada

Review the tips below. Decide if each one is suitable for you or not, if you plan to do it, or if you need to look into it more. Mark each one in the appropriate column.

Estate planning checklist

Done Will do Will look into it Not for me
Leave a will
Name beneficiaries in insurance and other policies
Plan your funeral
Prepay your funeral
Buy life insurance to cover expenses
Give gifts before death
Spend unsheltered assets first
Use final registered retirement savings plan (RRSP) contributions
Buy permanent life insurance as an investment
Transfer property to joint ownership
Set up a trust fund(s)
Make arrangements in case of incapacity

For each item in the Will do column, set yourself a deadline to get it done. For each item in the Will look into it column, decide where you'll get more information or who to talk to about it.

Most of the items listed will need some professional planning. It's better to spend some time and money to make sure you have everything arranged the way you want it, than to leave behind problems that your loved ones may be unable to do anything about.

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