Wills and Estate Planning
A will is an important legal document that outlines your specific wishes to be carried out after your passing.
At Red Seal Financial Ltd., we believe that a will is a fundamental part of your overall financial plan. Whether it's creating a will, establishing a trust, or drafting a power of attorney, we're here to guide you through the entire process.
Our Will & Estate Planning Service has been developed to assist you in putting a plan in place for the inevitable end-of-life journey. If you’re like most, you struggle with imagining your own mortality. This struggle prevents many people from putting a legally defensible plan in place before it is too late.
The confusion that results for loved ones left behind when your wishes aren’t clearly documented can create stress & conflict at a difficult time. More importantly, it can result in an very different outcome than you had intended.
The Red Seal Process
We have a five-step process to work with individuals to plan their wills and estate. Many individuals are surprised by the extent of elements they hadn't previously considered. The process ensures that you are comfortable with the choices you have made and uncovering and addressing any potential gaps in the plan. We believe it’s best to not leave your wishes to chance or rely on online templates that may not cover all your needs.
Step 1 - Will & Estate Planning Questionnaire
In advance of our first meeting, we will provide you with a questionnaire. This document will guide you through a series of questions forcing you to think through different scenarios. A preliminary attempt at answering all the questions is required in order to make efficient use of the time we have together. This questionnaire can be done individually, or together with a spouse. Note: If you’re doing the questionnaire with a spouse it’s okay if you don’t necessarily agree with each other on all points. This is normal and frankly… expected!
Step 2 – Meeting with Advisor
We will meet with you at our office to review the questionnaire together. This review will involve us challenging your answers to identify any confusion or ambiguity. Where added detail is required, we will work with you to more clearly define your wishes. The outcome of this meeting is a clear, well developed understanding of what your end of life wishes are.
Step 3 – Advisor Introduction
Once our review is complete, we will initiate an introduction to one of our legal partners. This introduction provides the partner with your contact information, a copy of your completed questionnaire and some contextual information about you and your goals. We work with local law firms with whom we have negotiated preferred rates. Because of the volume of business we refer, and the amount of preliminary work we do with you, our legal partners extend to us very competitive rates that wouldn’t otherwise be available to you. (Note: If you have a firm that you prefer to work with, we will make arrangements with that firm and adjust our fee accordingly.)
Step 4 - Meeting with a Lawyer
The next step is to meet with the lawyer who will have prepared your Will, Enduring Power of Attorney and Personal Directive. The lawyer will review the completed legal documents with you, ensure you understand their contents and their legal implications, and have you sign where required. At this point, you will be provided with completed copies of these documents to take home and file in a safe place. You should also communicate to your loved ones where they can find these documents should they be required.
Step 5 – Plan a Review
As the saying goes, the only constant in life is change. As your life evolves and your circumstances change, so too may your wishes. At this point, it is important to schedule a review to ensure that the documents continue to reflect your wishes in the future. We recommend an annual review be scheduled in order to guarantee that these important legal documents never fall out of date with both legislation and your wishes.The ResultThe results of the Red Seal Financial Ltd. Will & Estate Planning Service will include:
A valid Will;
A valid Enduring Power of Attorney;
A valid Personal Directive;
Two credible witnesses to your wishes in the event these documents are ever challenged in court; and
A firm timeline for reviewing these documents.
Having these important legal documents on hand in times of tragedy can make the difference between coming together as a family to support one another during a time of grief and fracturing apart due to conflict. Don't leave your family to pick up the pieces after you're gone.
We’re here to help you put together these important financial pieces to ensure your legacy. Get in touch with us to start the process today!
Access Qualified Legal Services
Working with a lawyer as part of the process is important to ensure every part of your will and estate is legally binding. We work closely with you and your lawyer to ensure that your will, enduring power of attorney, and personal directive are properly executed and align with your desires.
For clients who do not have a lawyer, we offer a partnership with a reputable law firm that provides comprehensive will and estate planning services at a discounted rate. This collaboration is advantageous as the law firm is conveniently located nearby, making the entire process streamlined and hassle-free.
Ensure that your wishes are properly documented and that your loved ones are protected.
Contact Red Seal Financial today to schedule a consultation and take the first step towards securing your legacy.
The Legal Documents
What is a Will?
A properly prepared Will allows you to direct where your property will go after your death. It can save a great deal of time, expense, and stress for your family and loved ones during a time of grief. A Will also allows you to name a personal representative who will represent your estate after your death and carry out the wishes you have stated in your Will.
The rules to settling an estate where the deceased has not left a valid Will can be found in the Wills and Succession Act. In short, if you pass away without a Will, the public trustee will become an active part of your estate and have a voice in how your estate is settled. This is a last resort and is recognized as a less than perfect way to finalize your affairs especially where you have orphaned minor children &/or have an active business.
With just a little planning, you can do better!
What is a Personal Directive?
A Personal Directive is a legal document you can use to appoint someone to look after health and personal care decisions in the event you become mentally incompetent. There are two types of Personal Directives:
General
An agent is appointed with the general power to make decisions on your behalf.
Specific
An agent is appointed with specific instructions on what decisions you wish to be made on your behalf.
If you become mentally incompetent through injury or dementia, it is important that someone have the legal authority to deal with health and medical issues. Having an advocate who can champion your best interests in a hospital or long term care setting can mean the difference between a comfortable end-of-life journey and a not so comfortable one.
What is an Enduring Power of Attorney?
An Enduring Power of Attorney is a legal document you can use to appoint someone to make financial and legal decisions on your behalf. If you are the one passing the authority to someone else, you are called the donor. The person you pass the authority to is called the attorney.
A Power of Attorney is "enduring" because its power continues after the donor becomes mentally incapacitated or it can take effect after the donor becomes mentally incapacitated.If you were to become unable to make your own decisions, who would you want to be legally empowered to make your decisions for you?
An Enduring Power of Attorney will let you name that person now while you can do so. If you don’t, this could be someone who doesn’t know you well and may not make decisions in accordance with your wishes.