Why is estate planning essential, even when a will is already in place?

A will determines who inherits. An estate plan determines how much they receive, and when. On death, Canada taxes accrued capital gains as though every asset had been sold, which can impose a substantial liability on a family cottage, an investment portfolio or private company shares at the least opportune moment. A complete estate plan unites:
  • wills and powers of attorney
  • beneficiary designations
  • trusts
  • corporate structures
  • insurance to fund the eventual tax liability