Consider this scenario. “A spouse suddenly passed away with no plans in place – not even a will. The surviving spouse – overcome with grief – was left to sort out a mountain of details such as finances, funeral arrangements, insurance claims and countless government documents. Adding to the survivor’s burden was trying to figure out what the deceased’s wishes might have been, such as special bequests and other personal interests. There were endless questions, but the only person who could answer them was gone. In a deeply emotional state, the surviving spouse – who had never dealt with such matters – was overwhelmed and disheartened. What the deceased left behind was a legacy of turmoil and confusion. The survivor suffered several traumatic months before the estate’s endless details were settled.” Lawyers and funeral directors are the first to claim that this scenario is often the case. Essentially, it’s this all-too-common story that makes a strong case for “getting affairs in order” long before the end of life. Arguably, there’s an even stronger case to be made for snowbirds since death occurring outside of the country is fraught with far more complications than if it had occurred at home. Dying in a foreign land leaves survivors to navigate through the host country’s complicated bureaucratic system, as well as making the necessary preparations for bringing the deceased back to Canada. Whether at home or abroad, the passing of a spouse can be a deeply emotional experience even when affairs are in order but, when they are not, the business of settling an estate commonly presents a host of messy complications. The topic of death is not a pleasant one to discuss, but it’s one of the two things in life that cannot be avoided: death and taxes. It makes equally good sense to be prepared for the possibility of a sudden, unexpected illness that renders a person unable to manage his/ her health care as well as finances and other family matters. Fundamentally, getting affairs in order boils down to timely estate planning. The following list of components in the plan outlines the main requirements necessary to ensure that grieving loved ones are not left with a chaotic conundrum involving both legal and personal matters. The first line of preparedness offered by experts is always having the following key documents safely stored in a place where they can easily be found – a place known to family members or a trusted friend. Your will: A legally binding document that dictates who gets what when you die. In the absence of a will, also known as dying “intestate,” your assets will be divided according to provincial law – not necessarily according to your wishes. With a will, you name an executor to manage your estate. (Wills should be periodically updated.) A living will: States how you want to be treated if you are unable to make decisions about your own health care, such as whether you want to receive life-sustaining treatment including respiration or resuscitation, or whether you want organs donated. A power of attorney: This vital document (POA) designates someone to make financial decisions for you in the event that you are no longer capable of doing so. Without a POA, the courts will appoint a guardian to look after your affairs. Proof of ownership: All documents which show that you own your house, land, vehicles, stocks and any other assets. Six years of tax returns: These help to determine the totality of your estate. A list of bank accounts and safety deposit boxes: According to the Bank of Canada, there are millions of unclaimed balances. Stock certificates and savings bonds: These are part of an estate’s value. “Be Prepared” A Motto Vitally Important To Estate Planning Getting your affairs in order before the inevitable occurs eliminates a host of problems. Estate Planning by Donna Carter 32 | www.snowbirds.org
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