Estate planning considerations for single parents Nov 23rd

If you are a single parent, here are key questions you should consider:

1. Are your estate plan and related documents up to date? The death of a spouse or separation or divorce generally triggers a significant change in intentions on death. If you are widowed or if you no longer want your former spouse to be your executor/ liquidator, a beneficiary of your property or other assets, or a decision maker if you become incapable, then you should act quickly to update your will and other documents, such as your power of attorney (protective mandate in Quebec), health care directive, beneficiary designations for retirement plans, TFSAs and life insurance, and title documents for real property.

2. How will you provide for your children’s financial security? By establishing trusts for your children in your will, you can name a trustee to manage the assets you leave for your children and provide for distributions for the benefit of the children as their needs and circumstances evolve…