As you begin considering how to shape your legacy, the first place your mind may go is to the time-honoured “Last Will and Testament.” In point of fact, it’s a great place to start. Your Will is a document that does three basic things: 1) appoint a guardian for your minor children (if you have any), 2) determine “who gets what” out of your assets (including any property, financial assets, and personal belongings), and 3) name the individual who will oversee the process of disposing of your estate.
We say a Will is a great place to start because it definitely shouldn’t be the end of your estate planning endeavour. Many, many things are not covered by a Will, so it’s not a complete estate plan. It is however, an essential part of a comprehensive estate plan. By beginning with your Will, you will be able to organize your thoughts, resolve some of the most basic estate planning issues, and create a stable foundation upon which you can begin crafting your legacy.
