Will Your Plans Work the Way You Intend?
Having a will is an important start. Your powers of attorney, beneficiary designations, investments and insurance also play a role in protecting your wishes and providing for the people you care about.
I’ll review these arrangements alongside your financial plan, help you identify potential gaps and recommend planning changes to discuss with your lawyer or tax professionals.
Do My Will and Powers of Attorney Still Reflect My Wishes?
Your family, finances and priorities may have changed since these documents were prepared. I’ll review them from a financial planning perspective, identify potential gaps and recommend points to address with your lawyer.
Will My Wealth Reach the People I Intend?
We’ll look at your beneficiary designations, account ownership and estate wishes together. The goal is to identify inconsistencies and coordinate your financial arrangements with the instructions in your legal documents.
Can I Help My Family Now and Still Protect My Future?
You may want to help children or grandchildren while you can see the difference it makes. We’ll explore how gifts could affect your retirement income, future care needs and the inheritance you hope to leave.
Will My Estate Have Enough to Cover Taxes and Expenses?
We’ll consider potential taxes, debts and other expenses, and where the money to cover them could come from. This helps us identify funding gaps and planning options to explore with your tax and legal professionals.
What We’ll Review Together
Your Will and Powers of Attorney
I’ll review your will and powers of attorney alongside your financial plan. We’ll discuss whether the people you’ve named and the instructions you’ve given still reflect your wishes. I’ll recommend any financial planning changes and flag questions for your lawyer.
Account Ownership and Beneficiaries
We’ll look at how your accounts are held and who is named on your registered accounts and insurance policies. We’ll compare those details with your wishes, including who you’d want to provide for if a beneficiary dies before you.
Providing for Your Family
You may want to provide for a partner, leave an inheritance for your children or support someone who needs help managing money. We’ll talk through what each person needs and the options you’d like to explore with your lawyer.
Gifts During Your Lifetime
If you’d like to help a child buy a home or contribute to a grandchild’s education, I’ll show you how different gift amounts could affect your retirement income and the savings you have for future care.
Cash for Taxes and Expenses
A home, cottage or business can make up much of an estate. We’ll estimate how much cash may be needed for taxes, debts and expenses, then review whether savings or insurance could help cover those costs.
Preparing Your Executor
We’ll identify the accounts, policies and professional contacts your executor may need to know about. You can then let them know where to find that information when the time comes.
Already Have a Will or an Estate Plan?
When did you last look at your will? You may have written it when your children were young. Now they may have families of their own, and what you want to leave each of them may have changed.
Bring your current will and powers of attorney. We’ll start with what’s changed for you. I’ll review the documents alongside your financial plan, explain any changes I recommend and help you prepare specific questions for your lawyer.
Estate Planning Starts With Your Family.
I’m Harman Kang, a financial advisor with IG Wealth Management in Waterdown. When we sit down, my first question is usually this: who are you thinking about as you make these decisions? You might be wondering whether your spouse could afford to stay in your home, or how to be fair to children whose needs are different.
You’ll work directly with me. We’ll talk through the choices you’re weighing, and I’ll explain what each could mean for you and your family. When a decision calls for input from your lawyer, accountant or an IG specialist, I’ll help you bring them into the conversation.
What Does Working Together Look Like?
STEP 1
STEP 2
STEP 3
Tell Me What’s on Your Mind
Review Your Current Arrangements
Agree on the Next Steps
We’ll start with what prompted you to reach out. Maybe someone you named years ago can no longer take on that role, or you’re thinking about how to divide a family property. We can start with that question, even if you’re still gathering your documents.
I’ll review your will and powers of attorney alongside your accounts, beneficiary designations and insurance. We’ll compare what’s in place with what you want for your family. I’ll explain any gaps I see and the changes I recommend.
We’ll make a short list of what to do first and who can help with each item. I can help you update the accounts I advise on, prepare questions for your lawyer or accountant, and follow up with you on what’s been completed.
Frequently Asked Questions
Can we meet if I don’t have a will yet?
Yes. We can start with who you want to provide for, what you own and which decisions you’re unsure about. I’ll help you identify the priorities you’d like your lawyer to address when preparing your will.
Can you review my existing will and powers of attorney?
Yes. I’ll review them from a financial planning perspective and explain any changes I recommend. For example, we might find that a gift you intend to leave would be difficult to fund from your current assets. Your lawyer can advise on the legal wording and prepare any updates.
What should I bring to our first meeting?
Start with the question you’d most like answered. If you have them handy, bring your current will, powers of attorney and a recent summary of your accounts. We can work with what you have and decide together what else would help.
Can you help me decide whether to give money to my family now?
Yes. We can compare a gift today with a smaller gift or a gift made later. I’ll show you what each option could mean for your retirement income and the money you want to keep available for your own care.
Can my spouse or an adult child join the conversation?
Yes, if you’d like them there. We can speak privately first about what you want to share and what you’d like their help with. Some families use that conversation to explain a decision. Others simply want someone to know where important information is kept.
When should I revisit my estate plan?
A change in your family is a good reason to take another look. For example, if someone you named as executor can no longer take on the role, or you’ve sold a property you planned to leave to someone, we can review what that means for your wishes and identify the next step.
Three Questions to Ask About Your Estate Plan
Think about one decision you’ve been putting off. These questions can help you decide where to start.
☐ If someone I’ve named in my will or powers of attorney couldn’t take on the role, who would I trust as a backup?
☐ If I want one person to inherit a particular asset, such as the family home or cottage, what would that leave for the other people I want to provide for?
☐ Would the person handling my estate know where to find my current will, account information and insurance policies?
Let’s Talk About Your Estate Plan.
What would you most like to sort out for your family? Whether you have a question about your will, want to revisit a power of attorney or are deciding how to pass on a particular asset, bring that question to our first conversation. We’ll talk it through and decide what to review first.
Harman Kang | Financial Advisor
IG Wealth Management | Waterdown, Ontario
Serving Waterdown, Hamilton, Burlington, Oakville and surrounding communities.