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Your Estate Matters Newsletter

Your Estate Matters Podcast

Episode 28: Essential Estate Planning for Business Owners

What happens to your business if something happens to you?
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On this week’s episode of Your Estate Matters, we sit down with Steve Parr, JD, CEA, TEP, lawyer and founder of Parr Business Law, to talk about what business owners often don't plan for: succession, incapacity, and the unexpected.
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Steve explains how to build a plan that protects your business through every stage of ownership and beyond. From choosing a successor and valuing your company to tax strategies like estate freezes and the role of life insurance, this episode is packed with practical advice.
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Whether you're building your business or preparing to step back, this one’s worth a listen.
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Your Estate Tip

Spring Cleaning for Your Estate Plan

As nature renews itself this spring, it’s a great time to check in on your estate plan. Like closets and garages, your legal and financial documents need regular upkeep to stay relevant and effective.

At Heritage Trust, we often support families dealing with the fallout of outdated or incomplete planning. A quick review today can help avoid confusion, conflict, or delays tomorrow.

Take a moment to review these key areas. Even one update can make a big difference.

✅ Legal Documents

• Review your Will – Is it up to date and in accordance with your current wishes?
• Confirm your Executor is still the best choice.
• Check your Enduring Power of Attorney – Is your attorney still willing and able?
• Review your Representation Agreement (BC) or Health Care Directive – Are your values and preferences clear?
• If you have a trust, has it been reviewed in the last 2–3 years?

✅ Beneficiaries & Accounts

• Confirm named beneficiaries on your RRSP, TFSA, RRIF, and life insurance are current and correct
• Review joint ownerships – Are they still appropriate?
• Take inventory of all bank, investment, and insurance accounts.

✅ Digital Assets

• Do you have a list of online accounts and passwords stored securely?
• Have you appointed a digital executor or included digital assets in your will?

✅ Life Changes

• Have you had a marriage, divorce, death, or birth in the family recently?
• Have you moved, changed your tax residency, or purchased property in another province or country?
• If yes to either of the above, then you should review your estate plan with your chosen professional advisor.

✅ Communication

• Have you communicated your wishes to your loved ones?
• Do your professional advisors (lawyer, accountant, financial planner) have updated copies of your key documents?

Keeping your plan correct and current isn’t just an administrative task- it’s an act of care. Reach out to your chosen professional advisor today for assistance.

Here are some ways you can work with us: ​Book a free consultation with Heritage Trust. Download our free checklist “Essential Steps for Estate Planning.” Purchase our course "The Estate Organizer for Canadians." Join the waitlist for the Canadian Estate Club membership here: https://www.estateclub.ca/canadian-estate-club​ ​ Follow us on social: ​​​​

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