Three Simple Estate Planning Moves that Can Save a Lot of Trouble Later

Three Simple Estate Planning Moves that Can Save a Lot of Trouble Later

Estate planning isn’t just for the wealthy - it’s about keeping things simple for the people you care about. Yet, time and again, the same avoidable mistakes keep showing up. A little attention now can prevent big headaches down the road.

1. Always name backups.
Whether it’s your executor or your power of attorney, make sure you’ve got a Plan B (and maybe even a Plan C).  Life happens — people move, get sick, or decide they can’t take on the responsibility when the time comes. If your one and only choice can’t serve, the courts may have to step in, which means delays, extra costs, and stress for your family. Spending an hour now thinking this through can save months of frustration later.

2. Review your beneficiaries.
When’s the last time you checked who’s listed as the beneficiary on your RRSP, RRIF, TFSA, pension, or life insurance? It’s one of the easiest things to forget — and one of the easiest things to fix. A divorce, a new baby, a death, or even a change in relationships can all mean your old designations no longer match your wishes. Make it a habit to review them every year and after any major life event.

3. Be cautious with joint ownership.
It’s become common for parents to add a child’s name to a house title or investment to make things “easier.” But this shortcut can backfire. You could trigger capital gains taxes, expose your assets to your child’s creditors or marital issues, or even start family conflicts over ownership. Joint ownership can work well in the right situation — just make sure you talk to an estate planning expert before making the move.

🕑 Bottom line: A quick review of your will, beneficiaries, and ownership structure can save your loved ones time, money, and stress. A little planning today makes all the difference tomorrow.