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June 14, 2022 // The Steps to Take to Plan Your Estate:

The steps of estate planning in Calgary

Planning your financial future is an important step for anyone to undertake, and taking the time to forge your estate plan is a part of this process. An estate plan will ensure that your assets are taken care of and distributed in the exact ways you want after you are deceased. Although this may seem like unpleasant details to plan for something as grim as your death, it will also prove to be an essential task to complete the actions you don’t want your loved ones to take on after you have passed. Typically, estate planning in Calgary is something you do at an advanced age, but it can be completed at any point in time when you feel it’s necessary. But before you begin to plan your estate, you should be aware of the steps usually involved. 


Determine the steps you need to take to plan your estate and how they can benefit your loved ones and your financial future. 


Get your documents together


Once you begin to plan your estate, you should begin to gather the documents that will move along the process. These documents can include marriage certificates, tax returns, life insurance policies, financial statements, a divorce judgement if applicable, and if you own a home, then you’ll need a co-ownership agreement. 


List assets, debts, and memberships


After you gather your documents, you’ll also want to acquire a list of your assets and debts. This list can help you ascertain your financial information and goals and ease the person of your choice into overseeing your assets and liabilities after your passing. Keep these documents in a secure place and always keep them up to date in case anything significant changes. 


Establish a will and name power of attorney and estate administrator


Establishing a set will is a helpful resource to properly plan out your entire financial future and the futures of your loved ones. This binding legal document will serve as a roadmap for your loved ones to follow after you’re deceased, alleviating unnecessary stress from their grieving shoulders. In terms of your will, and according to the Canadian government website, appointing a power of attorney and estate representative is imperative when planning your estate. Choosing a power of attorney will give someone you trust the power to manage your money and properties. This person can be chosen before anyone has passed in case you’re unable to manage any portion of your estate at any point in your life. An estate representative follows any instructions that you write in your will and will execute them the exact way you want. 


A couple speaking with their financial advisor about their estate plans


Name benefactors 


An essential part of estate planning is naming your beneficiaries, those who will get a portion of your assets. Naming your beneficiaries will accelerate the process of the distribution of your assets after death. Still, beneficiaries will need to be updated after substantial life events, such as a divorce or a benefactor’s death. 


Consult professionals for review


Once you believe your estate planning has been completed and you have everything counted for, including getting insurance strategies straightened out and your documents gathered, you should consult a professional to review your newly forged estate. Hiring a financial advisor and planner to thoroughly look at your estate will ensure everything is filed correctly and laid out without error.


Playcheques is Alberta’s solution to astute and efficient financial planning. With our team of professionals who are eager to advise our clients with educated and helpful advice, we strive to be the best financial planners in Calgary! For more information about our financial planner’s services at PlayCheques Financial Solutions, visit our website at, or call us at 403 837 9344!