We realize that there are many things you would rather be doing than contemplating the end, either of your own time or that of someone you love. Exploring the city, playing with the pets, listening to music, or even staring at the wall doing absolutely nothing might seem pleasant by comparison.

However, there is no task that will have a greater impact on the ability of your loved one to move forward than to get everything all planned out well in advance. With the project complete, you can get back to everything you want to do – all while resting in the knowledge that the people you love will be supported, now and in the future.

We’ve written a lot about probate, estate planning, and managing estate sales over the last few years. In this post, we’ll bring it together into one easy-to-find and follow resource. (Disclaimer: As always, please use this content for information only and consult legal advice for the specifics.)

An estate sale has some differences, but to a great degree, the process is similar to a standard transaction. In either case, our detailed Seller’s Guide is a tool you will want to keep handy.

Jump to Section:

The Challenges of Estate Planning
Why and How to Do Estate Planning
What Is Estate Planning?
Estate Planning Checklist
The People Involved in Estate Planning
What Are Estate Sales?
A Checklist for the Estate Trustee

The Challenges of Estate Planning

Estate planning is an essential task, but many people put it off indefinitely. The hesitancy is fully understandable. Contemplating your final wishes takes your mind into a future that no one wants to think about.

You may already be tearing up at the mere thought of saying “goodbye.” It can feel like that moment everyone dreads is actually here, but it isn’t. You’re alive and well, and so are your loved ones.

There is still time. That’s exactly why you want to do estate planning as soon as possible. You’re protecting your loved ones (or yourself) from future sorrow, now, when you and they are not yet facing the pain of loss.

Why and How to Do Estate Planning

Beyond the emotional havoc of estate planning, the process itself can be rather dull and boring. It means talking about numbers, account statements, and financial assets. For anyone not mathematically inclined, it can be enough to make your eyes glaze over.

However, there are many benefits of estate planning now.

It will streamline settling your estate once you are no longer here.
More of your assets will go to those you want to receive them and less to lawyers and the government.
Your common law spouse will have more protection. (Many clients don’t realize that your partner does not automatically inherit if you are not legally married and don’t have a clear Will. They can make a claim against the estate, but that can be complicated and emotionally draining. It’s also completely unnecessary if you make arrangements ahead of time.)
You’ll have time to make a contingency plan if life changes.
Some of your assets can bypass probate, which saves both time and money.
Perhaps most importantly, you can ensure any minor children are taken care of in the way you wish for them. You can assign an official guardian and create trust accounts to secure their financial interests. This is the last aspect of estate planning that you want to trust the government to handle!

Once your plan is clear and legally defined, you can rest assured that you have done everything in power to comfort and protect your loved ones later. With that in mind, let’s carry on to the next steps.

Ensuring that all of your wishes are carried out begins with understanding inheritance laws and setting up your assets appropriately. Learn more in the posts below:

What Is Estate Planning?

Estate planning is not just for you and your loved ones after death. It’s also planning for what happens if you can’t or don’t want to handle your own affairs anymore.

You can complete some estate planning tasks yourself by using online forms and initiating a conversation with everyone who will be involved, either directly as an Estate Trustee, a Power of Attorney, or as a beneficiary.

However, at some point, you likely want to consult with an estate lawyer and a financial advisor. Together, you can ensure everything is correct and above board and that you haven’t left any loopholes or points of contention.

Estate Planning Checklist

The major steps of estate planning include:

☐ Creating a Will: A clear, uncontested Will is critical to estate planning. Without it, you are considered intestate, and your assets will be divided according to a government formula. Your friends will be left out of the equation entirely, as will any charities you wish to support.

☐ Designating Beneficiaries for Bank and Investment Accounts: Some assets allow you to bypass probate altogether by assigning beneficiaries beforehand. This step saves your loved ones a lot of headaches and ensures they get more of what you wanted for them.

☐ Setting up life and disability policies: If you are still working or paying off a mortgage, adequate life insurance can cover your loved ones should you pass away suddenly. Disability insurance protects your income if you can no longer work due to an injury or illness.

☐ Pre-planning your funeral: Funerals can be heart-wrenching to plan and are prohibitively expensive. Making arrangements ahead of time saves your family anguish and money.

☐ Assigning a Power of Attorney and Estate Trustee: Choose someone you trust who will act in your best interests and see that your wishes are carried out as directed.

Estate planning requires a serious conversation between you and your loved ones about what happens when someone is gone. For a seamless process that causes the least amount of distress, you can begin right now while you are still healthy and capable, just by getting everything organized.

Everyday tasks like paying your taxes and other bills, keeping accurate records, and making sure all of your important documents and files are in one place are also important – even if they don’t show up on an official estate planning checklist.

Looking for even more resources to streamline probate and the sale of your family home? The posts below can help:

The People Involved in Estate Planning

Estate planning affects your whole family, so it’s ideal if you can have everyone involved, even if it’s in a small way. Each beneficiary should have an idea of your wishes and what they can expect. The more clarity you provide now, the less room there will be for conflict later.

In addition, you will need at least one legal adult to fulfill certain official roles.

A Power of Attorney (POA): You can assign someone to make decisions on your behalf while you are still living. There are two forms of POA in Ontario: Power of Attorney for Property and Power of Attorney for Personal Care.
Estate Trustee: Formerly known as the Executor, your Estate Trustee administers your estate after you have passed away. This means managing any of your investments, paying off any taxes (including the Estate Administration Tax) or other debts, and possibly selling the family home. The Estate Trustee is also responsible for distributing your assets according to your Will.

The same person can fulfill all roles, or you can ask two separate individuals so the entire burden doesn’t fall on one individual.

Has someone asked you to be their Power of Attorney or Executor? It is both an honour and a serious responsibility. You can learn more about your part by reading the posts below:

What Are Estate Sales?

Estate sales refer to the sale of real estate after the owner has passed away. All in all, this is just one part of a complete plan. The Estate Trustee wears many hats during this time, but a real estate transaction is one of the most significant projects they will need to undertake.

It involves all of the steps in getting the home ready for the market. Buyers will make appointments for showings, offers will come in, and the closing process begins.

However, before the Estate Trustee can do any of that, they must first apply for and obtain probate. Once complete, they will get a Certificate of Appointment of Estate Trustee, which allows them to carry on with the administration of the estate. At this point, they can list the family home for sale if applicable.

Throughout this process, it can seem that nothing happens quickly, and this is particularly true of the probate process. With no issues, it can still be several months before the Estate Trustee can move forward with settling the estate. If disputes arise, the delays can be significant. The backlog takes even longer when there is no Will in place.

Have you been tasked with selling a home on behalf of someone else? You’ll find plenty of tips and support in the resources below:

A Checklist for the Estate Trustee

After a death in the family, the world can seem like it’s at a standstill. Emotions are running high, and at first, no one seems to know what to do. The Estate Trustee may also have feelings to work through, which makes fulfilling their responsibilities all the more challenging. A checklist of simple tasks can help you keep moving forward:

☐ Locate and review the Will if you haven’t already.

☐ Take steps to secure the assets, such as changing the locks on a vacant home or locking away valuables.

☐ Gather documents like insurance policies, birth certificate, death certificate, and tax returns.

☐ Make a list of beneficiaries to contact.

☐ Get in touch with an estate lawyer.

☐ Apply for probate as soon as you can. (This is where the courts officially recognize the Estate Trustee’s authority to manage the property. If the deceased did not get around to making a choice, the courts will assign someone to the role.)

When a beloved family member passes away, those left behind will always have a burden to bear. Estate planning minimizes the practical and legal aspects so loved ones can have closure sooner rather than later. Eventually, the memories will bring a smile instead of tears. In the meantime, be sure to prioritize self-care and ask for help when you need it. With the support of your family, friends, and third-party professionals, you need never shoulder the responsibilities on your own.

Do you have questions about selling your family home, either for yourself or for someone else? Our Peterborough real estate agents are committed to helping you plan and implement for the best possible outcome. Reach out to team@jeffandkatie.ca or call 705-243-9797 to start the conversation today.