Life and death questions

What you need to ask when reviewing your estate plan

Gail Bebee 6 January, 2015 | 6:00PM
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The dawn of a new year is a natural time to reflect on what the past year has wrought. It is also the time to imagine future possibilities and make plans for the year ahead. One area that does not always receive the attention it deserves during this process is estate planning.

Estate planning involves arranging your personal affairs so that the disposition of your assets after you die is in accordance with your wishes. Preparing a will and powers of attorney for property and personal care are key components. It may also involve selling or giving away assets before you die, arranging your affairs to minimize the taxes that your estate must pay, and buying life insurance to provide for your dependents and/or cover taxes.

Contemplation of one's future demise is not a comfortable topic. However, life is never static, and changes in your life or in the surrounding world could affect your estate plans.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar Rating
Magna International Inc Class A98.51 CAD0.82Rating

About Author

Gail Bebee

Gail Bebee  Gail Bebee is an independent personal finance speaker, teacher and the author of No Hype--The Straight Goods on Investing Your Money. She can be reached at gbebee@gailbebee.com; her website is www.gailbebee.com.

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