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Estate planning and Estate settlement advice
Whether you are creating your own Estate plan or settling an Estate for a loved one, we understand the process can feel overwhelming. We’re here to help.
We've laid out two distinct paths below to guide you through the key steps of each scenario to help make the process more clear and less stressful.
The benefits of Estate planning
Setting up your Estate plan can help provide peace of mind for you and your family. The benefits include:
- Providing clarity to your loved ones regarding your wishes
- Naming the guardian of your choosing for your dependents
- Control how and where your assets are distributed
- Potential to protect the value of your assets from taxes
In the absence of an Estate plan, all the above decisions will be decided by others and may not align with your goals and wishes.
We have a team of Tax and Estate Planning professionals available through TD Wealth who are focused on helping to make sure that your intentions are properly reflected in your documents.
How to approach preparing your Estate plan
We recognize that your needs and assets are unique. To help make this process easier, we've outlined some steps to consider when you're ready to create your Estate plan.
For more information on what is involved in an Estate plan, as well as a checklist to help you get started, please refer to Passing on your Wealth (PDF).
Key terms to know during Estate planning
For more information, refer to our full Glossary of Estate Planning & Settlement Terms.
Frequently asked questions
An Estate plan is essential for Canadians. It may protect beneficiaries, ensure guardianship of minors, lower the tax burden on your Estate and remove complexity for your loved ones.
All taxes are paid from the deceased’s Estate. Generally speaking, the Estate is responsible for all debt and fees associated with settling the Estate. Executors should engage a tax consultant prior to assets being distributed to beneficiaries.
A Will outlines one's assets and property, and how they are to be distributed to each beneficiary. It may also include the testators wishes, location of property, direction of guardianship for minors, and more.
An Estate plan may include a Will. A Will is one part of the Estate plan for purposes of providing clarity to your executor and property disposition.
An Executor is a person or estate professional (trust company) appointed in your Will to administer your Estate after your death. When choosing your Executor it should be someone capable of handling the complexities of settling an Estate, has the availability to carry out the duties, and could manage potentially difficult conversations with beneficiaries.
The value of your RRSP is paid to the beneficiary you have designated. If you have not designated a beneficiary, it is paid to your Estate. In certain cases, including if your beneficiary is your surviving spouse or common-law partner, your RRSP may be transferred to them on a tax-deferred basis. You should consult your District Taxation Office or legal and tax advisors for more specific information.
Articles and tips to help you get started
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