What to include in your estate planning

(NC) Estate planning is an essential part of preparing for the future and ensures that your assets, values and wishes are honoured after you’re gone. While it might seem like a daunting task, a thoughtful estate plan gives peace of mind to both you and your loved ones. Here are some key considerations to include in your planning process.

Key elements of estate planning

• Will and testament: A will is the cornerstone of your estate plan. It outlines how assets, such as your home, savings and personal items, will be distributed. Appointing someone you trust as an executor to carry out your wishes is equally important.
• Power of attorney: Designating someone to make financial or medical decisions on your behalf if you become unable ensures that your affairs are managed according to your wishes.
• Beneficiaries: The people or groups who will receive your assets. Regularly update the beneficiaries on your registered accounts, such as Registered Retirement Savings Plans (RRSPs) and life insurance, to reflect your current circumstances.
• Personal directives: These instructions specify your preferences for medical care and end-of-life decisions, helping your family make choices that respect your values.

Beyond these key elements, there’s another important consideration: eye, tissue and organ donation. Many seniors assume they’re not suitable eye, tissue or organ donors because of their age or health conditions.

But that’s actually a common myth, especially when it comes to cornea donation. The cornea is the clear front part of the eye—its “lens”—and it can often be donated regardless of age.

Due to the time-sensitive nature of organ, eye and tissue donation, these wishes are usually not included directly in a will. But it’s important to communicate your intent to donate with your family members and ensure they are aware of your wishes.

A comprehensive estate plan not only addresses your financial and legal affairs but also reflects your beliefs and desire to help others.

You can find more information about becoming an eye and tissue donor at donateyourtissues.ca.