Estate and Will Planning

Our advisors will guide you through the process of estate planning to help ensure your wishes are carried out.

Estate Planning is outlining instructions for distributing your assets in case of death or incapacitation. Our advisors will guide you on what you can do and the documents you need to help ensure your wishes are fulfilled.

Key elements of an estate plan

A comprehensive estate plan can include various documents, products, and solutions to help ensure your wishes are carried out as intended. 

  • A will is a legal document stating how financial assets and property are to be distributed upon a person's passing.

  • A POA is a binding document giving a corporation or someone the legal right to make financial and medical decisions on your behalf.

  • A trust is a legal arrangement appointing a trustee to manage assets on behalf of beneficiaries.

  • You and your caregivers may rely on Pre-Power of Attorney services offered by TD Wealth Private Trust to help you manage your day-to-day financial affairs, whether it’s organizing your income sources or paying bills.

  • Charitable giving is donating to a cause you believe in, and you can use your estate plan to help fulfill your philanthropic goals.

  • Executor services, offered by TD Wealth Private Trust, can help in carrying out someone's final wishes as described in their will.

How does the estate planning process work?

Creating an estate plan is essential to ensuring your assets are passed on as you intended. Here's how our advisors can help.

  • STEP 1

    Your advisor will meet with you to understand your goals and explore the most tax-efficient ways to distribute your assets.

  • STEP 2

    From the discussion, they'll build a plan that captures your vision. They'll guide you on issues you may not have considered, and documents or action items required to complete your plan.

  • STEP 3

    Review and update your plan periodically. When major life events happen, or there are changes to the laws governing estate planning, you want to ensure your plan still reflects your wishes.

Tim – Making sure Patty's legacy lives on

Creating a Legacy

When Tim and Patty were faced with a life-altering event, their TD Wealth advisor helped them through the deeply personal aspects of legacy planning. Hear, in Tim's words, how their TD Wealth advisor took the time to understand their vision and helped establish a legacy in Patty's honour that will inspire students for years to come.

Video length: 1 minute

Your questions answered

An estate plan can help to safeguard your property and ensure ownership gets passed to the people or organizations you care about. Will and estate planning can also help to reduce the burden placed on loved ones, especially during a difficult time.

While there are no estate taxes in Canada, there is often a sizeable tax liability when someone passes away that many do not adequately plan or account for. To ensure your beneficiaries receive the full value of your intended gifts and inheritances, put the proper plans in place to defer or reduce any taxes owing where possible, or consider additional strategies.

A will is a legal document detailing who gets your assets, custody of minor children and who you've appointed to carry out your wishes.

To have an effective will, you'll need to include the right instructions. You'll want to ensure you name an executor, assign powers of attorney, and decide how often you want to review and update it. We don't recommend creating your will yourself; we suggest you connect with us so our specialists can help guide you.

If you die without a will, provincial law decides what happens to your assets and who gets custody of your minor children – which may not reflect your wishes. Also, your loved ones could spend a long time going through probate, which can sometimes be very costly.

The executor is responsible for managing the affairs and final wishes as stated in a will or trust after one's passing.

More on estate and will planning

Find more content on this and a variety of other wealth topics

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