Let’s face it – discussing estate planning with your parents might feel about as comfortable as watching a romantic movie scene with them. But unlike your teenage years, this conversation is one you definitely shouldn’t skip. After all, nobody wants to be caught in a messy family situation that could have been avoided with a few candid chats.

So, your great-aunt Mabel left you an unexpected chunk of change. First off, our condolences – and congratulations? (It’s okay to feel both sad and excited – money emotions are complicated!)

Let’s face it—talking about wills and powers of attorney (POA) isn’t exactly the most thrilling dinner table topic. But stick with us! Creating these essential documents isn’t just about creating paperwork; it’s about making sure your family doesn’t have to guess what you would have wanted while juggling life’s curveballs. Plus, wouldn’t you rather call the shots even if you’re not around to say, “I told you so”?

Talking to your kids, or other loved ones, about your estate plan may not be the easiest topic to bring up, but it’s an important step in preparing your family for the future. By being open and transparent, you can help your family understand your wishes, reduce confusion, and promote harmony when it comes time to manage your affairs.

Think estate planning is just for the rich and famous – think again. It’s for anyone who wants to ensure a legacy for their loved ones so there’s no better time than now to get started. And, once it’s done, you’ll have the peace of mind that everything’s sorted.

Here’s a simple step-by-step guide to get you rolling.

Creating an estate plan involves working with several professionals to ensure your plan is legally sound, comprehensive, and tailored to your goals. Here’s who you may need to collaborate with:

Retirement planning is more than just opening an RSP or contributing to a pension plan through your employer. There are life changes, tax implications, short term goals, current cash flow, risk tolerance questions, and much more to consider. Establishing a strong relationship with a financial planner can help you focus, keep you on track, and ensure that someone is equally invested in helping you achieve your retirement goals.

When it comes to managing your finances and planning for the future, having a caring and reliable financial planner by your side is crucial.

Your financial planner should be more than just an investment selector. They should have your back when times get tough, regularly check-in with you, and understand important aspects like tax and estate planning.

As we head into the summer, we know that September will be here before we know it. And with that, many high school graduates will be heading off to post-secondary, and many parents and caregivers will be supporting them financially.

To no surprise, the cost of post-secondary education in Canada continues to rise.

From our previous blogs What is a TFSA, really? and What is an RRSP? you can learn both offer tax advantages to help you reach your savings goals.