Will power for your will
By Keith Damsell

(NC)-Death and money are two subjects many Canadians prefer to avoid.

Many of us are ill-prepared when it comes to wills and estate planning. Nearly half of Canadians under 45 years of age say they have not talked with their parents about their funeral plans, reported Decima Research. As many as 30 per cent of all Canadians have no will or estate plan in place, pollster Environics found.

"Taking a few simple steps now to determine the right strategy for passing on your wealth will, in the long run, maximize the value of your estate for your chosen beneficiaries," said Elaine Wilson, vice president, Fiduciary Trust Company of Canada.

Make a list of your assets and liabilities; and include whether each asset is owned solely by you or jointly with another to determine your net wealth and what is yours to give away.

Consider whether your wealth will be divided equally or if dividing it differently would be fairer given your unique family circumstances. Take into account whether you have made prior promises and ensure that intended gifts are stated in your will.

"While you are still in good health, discuss your distribution plan with your beneficiaries," said Ms. Wilson. "This can help to avoid disputes after your death and gives you the opportunity to revise your plans if better ideas come to mind."

While personal property is often overlooked during the estate planning process, potentially valuable items like paintings, antiques, jewelry and items with high sentimental value should be gifted to specific beneficiaries either by will or while you are alive.

More information on estate planning is available on web sites, including www.fiduciarytrust.ca Get a professionally drafted will and power of attorney. If you die without a will in place, provincial legislation dictates how your estate is distributed without any regard to your wishes.

-News Canada