Finance & Real Estate

Just in case 'happily ever after' includes a disaster or two
Estate planning for the future keeps you in control

The term ‘estate’ in ‘estate planning’ may throw you if you’re like me and always seem to come up short at the end of every month, but don’t be mistaken. Estate Planning is something you need to consider no matter how much or how little you think you have. Speaking to Christine Van Cauwenberghe, Director, Tax and Estate Planning with Investors Group, it became clear very quickly that everyone should consider planning no matter what stage of life they’re in.

It might sound gloomy and I feel like a cloud of doom even writing this, but after a hearty discussion with Christine, I realized that I don’t want to be caught off guard when it comes to my health, my family or my state of mind. It won’t take long but it sure will save a lot of frustration and confusion down the road should the worst-case scenario (ahem) happen.

So we started with the basics. What if I’m single and don’t have kids? Christine reminds me that Estate Planning is about the future, not the present. Sure I want kids, so I better add Estate Planning to getting in shape and taking a prenatal vitamin. It’s important to look ahead and plan for what you’re planning, get it? I would love to have two perfect children that sleep through the night. So now I have to look at my finances and book an appointment with a financial planner so I can get an insurance policy that I can increase when and if necessary. You also have to consider that you may not always be insurable so it’s important to get insurance now while that’s not an issue.

Maybe kids are already in the picture? Have you thought about what will happen to them if something happens to you? Most of us think about family and close friends to appoint as a guardian should the worst happen. But have you really thought it out in regards to how this will impact your child or children? Will your proposed guardians raise your children the way you would have liked to? Do they share the same values and beliefs as you and that you would like instilled in your child? Do they even want more children? “Remember that your choice of guardian still has to be approved by the court,” Christine warns. And don’t forget to discuss your decision with the person you choose!

Now that we have that covered, what kind of estate do you want to leave? I’d like to leave a dynasty but with my poor saving habits and lavish spending, this won’t likely be the case. ‘If you don’t have much of an estate, sit with a financial planner to see what it will cost to see your child through to adulthood,” Christine suggests. “This will help you determine what kind of insurance you will need.” A good point to remember is that insurance policies from your company or business are not calculated on your individual needs so you may want to consider a personalized plan.

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