Before you get started with developing your estate plan, there are several things that you must do first. You must determine your estate planning objectives, assess your current financial situation, make a list of your relatives and those you may want to leave assets to and finally, organize any relevant documents. After that, we will provide a checklist for you to review periodically in order to determine whether your estate plan needs to be revised.

The Objectives of an Estate Plan
What are you trying to achieve by developing an estate plan? There are many possible objectives for you to consider but your own objectives depend on your own personal desires. Here are a few possible objectives to consider:

• Preserve value of estate for beneficiaries
• Minimize and defer taxes
• Provide piece of mind
• Provide for family/friends
• Reduce family squabbles over belongings
• Increase expediency in passing estate to heirs
• Minimize probate fees
• Business succession - if you own a business
• Provide for charitable organizations

Write down the objectives that suit you, as well as any others that may not be included in this list.

Assessing Your Current Financial Situation
To assess your financial situation you must determine your net worth. This should tell you how much you currently have to leave for your heirs.

In addition to calculating your net worth, you must also make a list of all of your assets and liabilities. Beside that list, you should include the name and location of each holding, documents and records supporting your ownership and their current value, a description of the asset or liability, if necessary, and finally, who you plan to leave each asset to.

In addition to the assets that you have when you die, there are some common death benefits that may help you provide for your beneficiaries. Most of these benefits are payable to your estate and the amount you qualify for depends on your age, family status and work history. You may want to make a note of any benefits you may qualify for and list them in your estate. Here are the most common death benefits:

CPP/QPP
When you pass away, your estate may be eligible to receive a lump sum of up to $2,500. This amount of the lump sum will depend on the total amount you contributed to the plan (the more you contributed to CPP the more you will qualify for). In addition, your spouse may qualify for monthly survivor's benefits of up to $450. To qualify, your spouse must apply within one year of your death. Both the lump sum and the monthly benefits are taxable.

Old Age Security
Upon your death, your OAS payments cease. However, your spouse may now qualify for the widowed spouse's allowance or an increase in spousal benefits. See the Saving for Your Retirement section to determine how much your spouse may qualify for.

Company pension plan
To determine how much you may qualify for, you will have to ask your employer's human resources department or look at your benefit statement. The benefit will likely depend on whether or not you are retired. If you are retired and receiving a pension, then one of three things will happen. Either your payments will stop, they will continue for a set period or they will continue until the death of your surviving spouse. If you would like to have the payments continue until the death of your spouse, then see your employer about having a joint survivor option. If you are not retired, then you will likely be eligible for a lump sum (which can be deferred if it is not needed yet) as well as any unpaid wages and vacation pay.

Worker's Compensation
If your death occurs while working, your spouse may be eligible for a lump sum benefit or monthly benefits.

Relatives and Potential Heirs

This section will help you organize a list of your relatives and potential heirs as well as keep track of any relevant documents and other important facets about your relationship with that person. Follow the link below to view a table provided that lists your family members and any other potential heirs. The table also provides spaces for you to write down the most pertinent information regarding your relationship with that person. If it is easiest for you, print this table off and fill it out by hand or just use this table as a guideline to write out your own table.

Relatives and Potential Heirs Table

Organizing Your Documents
To help your executor and help you get organized for developing your own estate plan, you need to organize and locate these documents:

• Your will - if prepared already
• Your Power of Attorney documents - if prepared already
• Trust documents
• Income tax returns
• Prearranged funeral agreement
• Birth certificate

• Marriage contract

• Separation agreement

• Divorce agreement

• Citizenship papers

• Social Insurance Number and card

Estate Plan Reviewing Checklist

Below is a list of questions that will help you determine if your estate plan needs to be updated. If you answer "yes" or "unsure" to any of the questions, then you should make a change to your will or estate plan. If the change is significant, you may need an entirely new will. If it is small, the change can be made by codicil. The following are some lists of questions that apply to the period since you last updated your will.