Estate Planning: Have a will and a power of attorney.
Some think their wishes will be carried out by a family member or that they do not have enough money to justify the cost of making a will. Others avoid making a will because their personal circumstances -- marriages, divorces, and accumulated children and stepchildren -- just seem too complex to unravel. However, if you die without a will, trying to figure out who gets what, and when, can be a mess. And your estate may end up paying more in fees and taxes than it should, leaving less for your loved ones.
Married? Have your wills drawn up together so that they reflect an integrated estate plan. Review and update your will regularly, especially when family circumstances change (weddings, divorces, births, and deaths all result in changes in family structure), your financial circumstances change, new legislation is implemented, or you change your province or country of residence.