Building a legacy for the next generation

Start with a current will

A will names who receives what, who is in charge of carrying it out, and who looks after any children or dependants. Without one, provincial law decides, and the result may not be what you would have chosen.

Review it after any big change: a marriage or separation, a birth, a death, a move to another province or a large change in your assets. A will that is out of date can be worse than a plain one that is current.

Look at who is named on your accounts

Many accounts and policies, including registered accounts and life insurance, let you name a beneficiary directly. Those assets go to that person and do not follow the instructions in your will. An old name that was never updated is one of the most common and most avoidable problems.

Joint ownership works the same way for some assets. Go through what you own and how it is held, and check that it all points where you want it to.

Choose who acts if you cannot

A power of attorney lets someone you trust manage your money and property if you become unable to. A separate document covers personal and health-care decisions. The names and rules differ by province, and Quebec and British Columbia each use their own terms, so use a lawyer or notary in your province.

Pick the person for their judgement and their availability, not their position in the family, and tell them you have chosen them. It is a poor time to find out that someone does not want the job.

Make it easy to find

Keep a simple list of where documents are, which accounts you have, who your lawyer and adviser are, and how to get into your phone and email. Put it somewhere your executor can reach it. Executors spend an astonishing amount of time hunting for things that would have taken you an hour to write down.

Then have the conversation

The paperwork works better when the family is not surprised by it. You do not have to share the numbers, but explaining what you have decided, and why, prevents most of the arguments that follow a death.

Legacy is also more than money. Many families find the stories, the photographs and the recipes are what they miss most, and you can leave those now. This is general information, not legal advice, so talk to a lawyer or notary about your own situation.