Proper estate planning is critical for all Canadians. It can provide you with peace of mind that you can share with your family and loved ones, secure in the knowledge that their interests and yours are well looked after.

Despite its importance, many Canadians shy away from estate planning. They believe it is strictly for the wealthy, those with multiple dependants, or those who are in or approaching retirement. However, the truth is that as long as you have assets and liabilities, you need an estate plan. The reasons are quite simple:

• Estate planning gives you the opportunity to ensure that those who depend on you have the resources they need to carry on.
• Estate planning can help minimize taxes, ensuring that more of your wealth goes to your heirs, and less to the government.
• Estate planning ensures that your affairs are settled according to your specific wishes.

Despite the benefits, estate planning can present many challenges. It can create mixed feelings by forcing you to consider your own mortality. It can be a difficult topic to discuss with family. And depending on your situation, developing your plan can involve complex issues and regulations.

However, the consequences of not having an estate plan can be devastating, especially for those you leave behind. For instance, dependants may be left with insufficient funds, or children may be faced with issues surrounding guardianship. That's why getting good advice is so important.

How to use this guide as you work with your advisor
Your financial advisor can play an important role in developing your estate plan. With in-depth knowledge of your investment portfolio and your personal financial goals, your advisor can help you formalize your estateplanning needs and wishes, as well as provide much-needed financial advice to family members. Your advisor can also play a valuable role in referring you to other professionals such as tax and estate-planning specialists, lawyers, and life insurance professionals, for areas that require more specialized advice.

You'll find this guide to be a helpful resource while you work with your advisor and other professionals to plan your estate. The tools and resources will assist you in defining your wishes and gathering the information you'll need to plan effectively. Most importantly, this guide will help you get the process started. And that's a meaningful first step towards ensuring that your affairs are settled in accordance with your wishes.