If you have partners or shareholders, prepare shareholder/partnership buy-sell agreements or other contractual arrangements.Who will deal with closing your CRA account if the business will be dissolved?.If you are a Sole Proprietor your business assets and liabilities will be treated as personal and should be accounted for in your will.In addition to the items in the individual estate planning checklist, here are some items you may consider depending on your situation: If you’re a business owner you also have to think about how your business assets and responsibilities will be dealt with when you die. Compile a list of these, including passwords, and make sure your family is aware of how you want them dealt with after your death or incapacitation.Įstate Planning Checklist for Business Owners Digital assets – most of us have multiple social media profiles and accounts with various online entities.Location of key documents – make sure your family is aware of the location of key documents like your will and power of attorney.Life insurance – make sure all beneficiaries are up-to-date.Funeral wishes – ensure your family is aware of your wishes in case your will is not read until after the funeral.Other items to consider when creating your estate plan include: You can name one or more people to this role and you should peak to your executor to be sure they are willing and able to carry out their duties. Who is your executor? This is the person responsible for carrying out your wishes as outlined in your will.Are you donating any assets to charities?.If your beneficiaries are minors do you have a trust or guardian in place?.Beneficiaries (are there specific items you want to leave to certain people, or will your assets be divided equally between all beneficiaries?).Some things you will need to decide/document in your will: It sets out how your assets will be distributed and who will oversee the process (your executor). Your will is the cornerstone of your estate plan. Be sure this is someone you trust and that they are aware of your wishes under various circumstances. There are two key documents that make up the first two items on our estate planning checklist:Ī power of attorney, also called a living will, sets out who will make decisions on your behalf should you become unable to do so. Estate Planning Checklist for Individuals Use this estate planning checklist to ensure you have the right pieces in place. It’s not something most of us like to dwell on, but having a plan in place for what happens to your assets after you pass will make it much easier for your loved ones in a time when they are already coping with the emotional toll of your death. And a will is only one element of your estate plan. That’s why we compiled this helpful estate planning checklist for business owners and individuals.Īccording to a 2018 Angus Reid poll 51 percent of Canadians had no will in place, and only 58 percent of those 55 and older had one. If you’re like most Canadians, you probably haven’t given a lot of thought to having a plan for after you pass and aren’t sure where to start.
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