Many people create a will, appoint a Power of Attorney, or name beneficiaries on their registered accounts and then rarely think about them again. However, life changes, and your estate plan should change with it. Major life events such as marriage, divorce, the birth of a child or grandchild, the death of a loved one, or changes in personal relationships can all affect how you want your affairs handled in the future. If your estate planning documents have not been reviewed in several years, it may be worth taking a closer look.
A Power of Attorney (POA) allows someone you trust to make financial or personal care decisions on your behalf if you become unable to do so. It is important to ensure that the person you have appointed is still the right choice and that your wishes are clearly reflected. Reviewing your will is equally important. Your will outlines how your assets will be distributed and can help reduce uncertainty for your family. Keeping it current helps ensure your wishes are accurately reflected and can make things easier for your loved ones during a difficult time.
Don’t forget about beneficiary designations on registered products such as TFSAs, RRSPs, and RRIFs. These designations may not automatically update when your circumstances change. An outdated beneficiary designation could lead to unintended outcomes and delays in settling your estate. Estate planning is about preparing documents. It is about making sure your plans continue to reflect your current situation and wishes. Taking a few minutes to review your estate planning documents and beneficiary designations can provide valuable peace of mind for both you and your family.
If you have questions about the beneficiary designations on your accounts, Energy Credit Union is here to help, call our offices at 416-238-5606 today!
