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7 ESSENTIAL ESTATE PLANNING TIPS
THIS ARTICLE WAS WRITTEN BY EDWARD JONES FOR USE BY YOUR LOCAL EDWARD JONES FINANCIAL ADVISOR.
SUBMITTED BY SCOTT FOSTER, FINANCIAL ADVISOR, EDWARD JONES 317 DECLAIR ROAD, MADOC, ON K0K 2K0

Estate planning is more than just a legal exercise – it is a crucial step in ensuring your legacy is preserved and your loved
ones are taken care of after you have gone. People set up estate plans to provide for beneficiaries, protect minors and
minimize legal and tax issues. Here are seven tips for creating an estate plan:
1. Understand the Importance of Estate Documents.

Key estate planning documents include:
• Will: outlines your wishes regarding asset distribution, appoints an executor, and nominates guardian(s) for minor children.
• Power of attorney (POA) for property and a POA for personal care: empowers a trusted individual(s) of your choice to make
decisions relating to your property and finances or health care decisions if you are incapacitated.
• Living Will: details your medical treatment wishes.
• Beneficiary designations: allows for certain assets, such as registered accounts and life insurance policies, to transfer
directly to a named beneficiary outside of your Will.

2. Start Planning As Soon As Possible: It’s never too early to start your estate plan. POAs ensure timely medical decisions and
financial management if you become incapacitated. If you pass away unexpectedly without a Will, your estate will be
distributed according to provincial intestacy laws, which may not match your wishes.

3. Assemble your team of professionals: Having a trusted team of professionals to help you is indispensable. Your team can
include:
• Estate planning lawyer— provides legal advice and drafts legal documents.
• Tax professional— recommends steps and structures that may reduce taxes at death.
• Financial advisor—verifies that your investments and named beneficiaries align with the estate plan.

4. Determine when you want your POA’s to become effective: A POA for personal care can be effective when you cannot
make health care decisions yourself. You can also decide when to make POA’s for property or personal care become
effective. Some people make it effective immediately, while others activate it only during periods of incapacity.

5. Ensure Consistency in your Estate Planning Documents: Some Wills may contradict named beneficiaries on registered
accounts and life insurance policies. To ensure your estate aligns with your wishes, all documents should be consistent.
6. Talk to loved ones about your estate plan: Regularly discussing your estate plan with those involved can help them better
understand your wishes and clarify their roles.
Verify whether your named executor(s), POAs
designate and guardian(s) of minor children, are willing
to serve. If they cannot, a court may appoint someone
lse causing delays and potential misalignment with your
wishes.
7. Ensure your documents are accessible: To make their
job easier, an executor should know where important
documents are kept. Be sure to include digital assets
such as online accounts, social media profiles in your
estate plan. This helps your executor efficiently manage
these assets after your passing.

Estate planning can be complex, so a team approach is
best. An Edward Jones Financial Advisor can work with
your legal and tax professionals to create a personalized
strategy for you and your family.