How to secure your family’s future: Three simple estate planning tips
Is estate planning one of those things you’ve been meaning to get to—but haven’t yet? You’re definitely not alone. Many people feel it’s complicated or something they’ll handle “someday.” But estate planning really comes down to one thing: caring for the people you love. Taking the time to plan now helps ensure your wishes are respected and gives your family peace of mind for the future.
To mark Make a Will Week in BC (October 20–26), we hosted an estate planning seminar to share valuable insights from legal and financial experts. Here are our top three takeaways from the event.
Start with clear goals and review your plan regularly
Estate planning isn’t just about what happens after you’re gone—it’s also about preparing for life’s “what ifs.”
Consider scenarios such as living longer than expected or becoming unable to manage your affairs. Setting up Powers of Attorney and discussing your wishes with loved ones helps protect your well-being and reduce stress for your family.
Once your plan is in place, review it periodically. Life changes, and your plan should change with it. Regular reviews ensure your plan continues to reflect your wishes and protects the people who matter most to you.
Use tax strategies to simplify your plan
You may have heard terms like “estate freeze” or “alter ego trust.” They might sound complex, but these are simply ways to transfer assets efficiently and reduce taxes. For example:
- An estate freeze lets you lock in the current value of your assets so that any future growth goes to your children or other beneficiaries.
- Alter ego and joint spousal trusts (for those over 64) allow assets to transfer outside your will—avoiding probate fees and maintaining privacy.
These strategies can make your plan simpler and more cost-effective for your family.
Seek professional advice
Estate planning isn’t just for the wealthy—it’s an important step for anyone who wants to ensure their wishes are honoured and their loved ones are protected. Taking the time to create an estate plan can help prevent complications and bring clarity to your family during difficult times.
Your legal and financial advisors can guide you through key decisions, from family considerations and tax law to charitable giving and investment management.
By starting early and consulting professionals, you can create a plan that reflects your values, supports your loved ones, and strengthens your community.
Bonus tip: The power of legacy giving
Charitable giving can become a powerful part of estate planning when done strategically—especially when it supports an organization like Children’s Health Foundation of Vancouver Island.
It allows you to maximize tax benefits, reduce or even eliminate probate fees, and make an incredible difference in the lives of Island kids. Beyond the financial advantages, research shows that giving to others can boost happiness, reduce stress, and strengthen our sense of purpose.
There are many ways to leave a legacy—whether through a one-time gift today or a lasting contribution in your estate plan. Consider options such as:
- Donating securities, shares, or mutual funds
- Setting up a donor-advised fund (DAF)
- Making a gift in your will
- Naming Children’s Health Foundation of Vancouver Island as a life insurance beneficiary
Join the Legacy Circle!
If you’re inspired, consider including a gift to Children’s Health Foundation of Vancouver Island in your will. Your generosity will benefit Island kids with complex health needs for generations to come.
Learn more about leaving a legacy here.
Disclaimer: This blog post provides general information and should not be considered legal advice. Please consult with qualified professionals.
