Your Estate Matters Newsletter
Your Estate Matters Podcast
Episode 15: How Professional Financial Advice Can Transform Your Estate Planning
In this week's episode, Nicole and Greg discuss the importance of financial planning and estate management with Brian Brotherston, an experienced financial planner and owner of Watershed Financial Solutions. Brian shares insights on how tailored financial advice can help Canadians navigate complex financial decisions, emphasizing the role of insurance, segregated funds, and trusts in effective estate planning. The conversation covers the benefits of professional guidance, the significance of starting early, and the importance of preserving wealth for future generations. The episode concludes with practical tips and resources for enhancing financial literacy and making informed financial decisions.
Your Estate Tip
Secure Your Digital Legacy with a Comprehensive Inventory
In today's digital age, protecting your online assets is crucial for effective estate planning. One of the most important steps you can take is to create a comprehensive inventory of your digital assets. This inventory should include:
- Email accounts
- Social media profiles
- Online banking and investment accounts
- Cloud storage services
- Cryptocurrency wallets
- Digital subscriptions and memberships
For each asset, document the following information:
- Account names and URLs
- Usernames
- Passwords (stored securely)
- Security questions and answers
Store this inventory in a secure location, such as a password manager or digital vault, and share access information with your designated digital executor. Regularly update this inventory to ensure it remains current and accurate.
By maintaining a thorough digital asset inventory, you'll provide your loved ones with a clear roadmap to manage your online presence after you're gone, ensuring your digital legacy is preserved and protected.
You can create a digital asset inventory as part of our Estate Organizer for Canadians digital course.
Your Estate Case
Court Upholds PGT's Conduct When Acting as Committee of Estate: Prioritizing a Patient's Care Over Risky Estate Litigation Claims
In a recent ruling, the BC Court of Appeal affirmed the dismissal of a negligence claim against the Public Guardian and Trustee (PGT), validating its approach to prioritize the care of an incapacitated individual over pursuing a potentially risky wills variation claim that would have financially benefited the patient's heirs.
The case revolved around an estate where a woman left her property in trust for her spouse's lifetime care, with any remaining assets designated for charitable beneficiaries upon his passing. The man's executor (the man's daughter) argued that the PGT, acting as committee for the man when he was incapable, should have sought to vary the will under the Wills, Estates and Succession Act (WESA) to provide greater benefits to the spouse and his family. However, both the trial judge and the Court of Appeal found that:
- Pursuing a wills variation claim posed significant risks, including a high likelihood of failure and potential depletion of estate assets through legal costs.
- The PGT's decision aligned with its statutory obligations, which prioritize the welfare of individuals under its care.
- The trust established in the will provided adequately for the spouse's needs, allowing trustees to access both income and capital for his benefit.
The Court of Appeal emphasized that the PGT was not obligated to act in the interests of the heirs, as the deceased was under no legal or moral duty to benefit them. This ruling underscores the importance of careful estate planning and the PGT's role in protecting the interests of incapacitated individuals.
Your Estate Read
"The Inheritance Games": A Young Adult Novel Regarding Wealth, Mystery, and Family Intrigue, by Jennifer Lynn Barnes
Avery Kylie Grambs, a financially struggling teenager, suddenly inherits a vast fortune from billionaire Tobias Hawthorne—even though she’s never met him. The startling twist? Hawthorne disinherits his own family, leaving them only token amounts.
Under the terms of the will, Avery must live in Hawthorne House for one year alongside the disgruntled Hawthorne family, which includes the billionaire’s four grandsons. The mansion itself is filled with secret passageways, puzzles, and riddles orchestrated by Tobias Hawthorne to challenge everyone involved. Family tensions rise as the Hawthorne grandchildren grapple with losing their expected inheritance to a complete stranger, while Avery races to uncover why she, of all people, was chosen as the primary heir.
From an estate-planning perspective, The Inheritance Games highlights both the emotional and legal complexities that can arise when leaving assets in unexpected ways—underscoring the importance of clear instructions and foresight in any will or trust arrangement.
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