Planning for the future is more than simply writing a will.
Estate planning is a comprehensive process that ensures your wishes are honoured, your loved ones are cared for and your legacy continues to make a lasting impact.
What is an estate plan?
"An estate plan is a comprehensive plan that includes legal documents to deal with the administration and transfer of your assets after death and addresses potential incapacity during your lifetime," says Scotiatrust Estate and Trust Consultant Monique Trépanier
While a will is an essential element, a complete estate plan encompasses much more. It may include tax planning, life insurance, business succession strategies and charitable donations.
"Accidents and illnesses can happen. Having the right plan and documents in place will provide peace of mind and ensure your assets are dealt with according to your wishes," she says.
The core components of an estate plan
A comprehensive estate plan typically consists of several critical components, including a will, an enduring power of attorney and a representation agreement or advance directive for personal and health care decisions. For those with significant or complex assets, multiple wills or trusts may be required.
"Getting proper legal advice is key to ensuring that you and your estate are looked after, and your wishes are honoured," Trépanier says.
Without a legally binding will there is typically more confusion and stress for family members, as well as potential time delays and increased costs.
Strategic charitable giving
Charitable giving can be a powerful tool in estate planning, not only benefiting causes close to your heart but also offering significant tax advantages.
"When you make a donation to a registered charity such as BC Women’s Health Foundation, you receive charitable tax credits which can be used to reduce your income taxes,” Trépanier says.
Donating assets such as publicly traded securities or a life insurance policy can offer even greater benefits, eliminating taxable capital gains or providing tax savings during your lifetime.
"It’s important to discuss your charitable goals with your advisors to ensure you optimize your tax savings and achieve your philanthropic goals," she says
Legacy giving for women’s health
For those passionate about supporting women’s health, including a legacy gift to BC Women’s Health Foundation in your estate plan can have a lasting impact.
"Legacy gifts allow donors to support causes they care about without affecting their current net worth or lifestyle," Trépanier says.
Legacy giving to organizations like BC Women’s Health Foundation helps fund groundbreaking research, innovative healthcare and critical programs for women and newborns across the province.
Estate planning for women
Estate planning is particularly vital for women, who often take on caregiving roles and tend to live longer than men.
"Women need to think about who will act on their behalf, or on their loved one’s behalf, if they’re no longer able to and plan for potential long-term care expenses," Trépanier says.
By discussing their family dynamics and goals with professional advisors, women can ensure their estate plan meets their unique needs.
Ultimately, estate planning is a process that should be revisited regularly.
"Life is unpredictable. A carefully crafted and up to date estate plan gives you more control over future uncertainties and reduces unnecessary stress and complications," Trépanier says.
To learn more about how you can support the BC Women's Health Foundation in your estate planning, visit bcwomensfoundation.org/legacy
