Thank you to Kevin Holte and Tanya Lyn Werk for speaking to our group about estate and funeral planning. So often, this is a topic that many people avoid discussing with their families or even thinking about. Kevin and Tanya Lyn did a great job of enlightening us, while Kevin employed his great sense of humour to keep us laughing.
Kevin listed a number of actions that one can take to simplify the process for their executor:
- Make an asset and liability inventory list. Be sure to include company names, account numbers and any other relevant information.
- Make a list of the names and contact information of all beneficiaries and next of kin.
- Centralize your documents- keep your documents all together in one place. Let your executor know where that place is. These documents should include all financial documents, insurance policies, property related documents, lists of phone numbers for institutions that the executor will have to contact, copies of identification (including marriage certificate), funeral arrangement documents, passwords, and anything else relevant to your estate.
- Pre plan your funeral and cremation/burial.
- Consult a financial or tax expert to plan your finances and estate with attention paid to costs such as income tax, capital gains tax and probate fees.
- Review your will every 5-10 years or when you have a significant change to your income or family.
Procrastination and a discomfort with the idea of death are two common reasons that many of us do not take the time to plan for how our estates are to be dealt with after our death. However, a lack of proper planning can add to the stress that a family and executor undergoes when a death occurs. A lack of planning can also create or exacerbate conflict within a family. Please consider how you can help your family and executor avoid such stress and conflict and take the steps to plan your funeral or estate.
Some resources to find information and help you get started are:
If anyone has questions about the topic and would like to speak with Tanya Lyn Werk, her contact number is 604-996-7659 and her email address is email@example.com .