3 Key Things to Know When Doing Estate Planning

Most people know they should have an estate plan, but put it off until a major life event forces the conversation. Without a clear strategy in place, your assets may not reach the people you intend, and your family could be left navigating unexpected tax bills or prolonged legal disputes.

In this guide, we walk through the key foundations of estate planning in Edmonton and beyond so you can take confident, informed steps toward protecting your legacy.

Understand Your Assets and Liabilities

Before any estate plan can be built, you need a full and accurate picture of what you own and what you owe. This means considering registered accounts such as RRSPs and TFSAs, non-registered investments, real estate, and life insurance policies, as well as any outstanding debts that could reduce the value passed on to your heirs.

When doing estate planning for business owners, this step carries added complexity. Corporate shares and buy-sell agreements need to be factored in alongside personal assets, since a lack of coordination can create legal complications and unexpected costs when ownership eventually changes hands.

Know the Importance of Wills and Trusts

A will is the foundation of any estate plan, but it is only as effective as it is current and accurate. Many Canadians have outdated documents that no longer reflect their family structure or financial situation, and a will that has not kept pace with major life changes can create as many problems as having no plan at all.

Key elements to review and address include:

• Naming an executor who is capable and willing to carry out your wishes

• Ensuring beneficiary designations on registered accounts and insurance policies are clear and up to date

• Considering a trust if you have dependants, a blended family, or assets intended for a minor

Misaligned beneficiary designations are among the most common estate planning oversights. In many cases, what is written in a will and what appears on registered accounts tell two very different stories.

Plan for Taxes and Beneficiaries

At death, your estate can face significant tax exposure, particularly on registered accounts and accrued capital gains. For assets like RRSPs, the full balance is added to the deceased's final tax return, often pushing the bill higher than most families anticipate.

Working with a Certified Estate Advisor helps ensure that these obligations are planned for and funded, not discovered by your executor after the fact. Options include using insurance to cover the tax liability at death or using a spousal rollover to defer it. Getting ahead of these costs protects the full value of what you have worked to build.

Start Your Estate Planning in Edmonton with DeHaan Private Wealth

Many people only uncover gaps in their estate plan after a life change reveals that their documents and financial accounts are no longer aligned with their circumstances. Closing those gaps requires a coordinated approach that accounts for your complete financial picture and the people who matter most.

DeHaan Private Wealth provides estate planning in Edmonton and across Canada, with certified advisors to help you review, coordinate, and protect what you have built. Contact our team today to schedule a free consultation.