Knowledge to achieve your financial goals
Vesta Advice Series – May 19, 2026
Easy and quick steps to begin planning your estate
Simple Steps in Estate Planning
As a financial planner with a couple of decades of experience under my belt, I have come to recognize that most instances of poor planning stem from the same culprit: people really don’t want to think or talk about uncomfortable topics, even if they know they should.
My hope with this article is to introduce some of the lighter, simple tasks that you can work on if you’re trying to get the ball rolling towards a complete estate plan. If you have begun your research into this topic, you have likely heard some of the common standards: write a will, pre-plan your funeral, document your holdings, joint ownership, etc.…
Although those topics have an important place in a comprehensive plan, they can feel a little heavy when trying to muster the willpower to begin planning. My goal today is to review some of the less common – but still helpful – tips that take a little less gusto, and some easy actions or conversations that can be completed simply and quickly.
It’s Not Just You
Most Canadians feel a little lost when it comes to their finances, and much more so when discussing their estate plans. The biggest favour you can do for yourself when beginning this task is to allow yourself to learn what you don’t know. You may be surprised to learn that most retirees don’t have an estate plan, or know what a Power of Attorney is, or how taxes work when someone dies.
No one knows all the answers right out of the gate, and it’s all right to put together an estate plan piece by piece. By taking that pressure off yourself, you may find that tasks that once felt daunting become much easier.
Quick Conversations
Choosing an executor can be tricky – I’ve written an entire article about it here – but talking to your chosen person can be simple. Whether you’ve already named your executor in an existing will or plan to in the future, I always recommend you discuss it with them and cover the basics.
This doesn’t need to be a serious, documented conversation – I have heard many stories where a three-minute chat saves months of headaches.
A simple, sample checklist:
- Are you comfortable being my executor? Do you know what that is?
- My will is in my safety deposit box at…
- Any other documents are at my house in my bottom drawer…
- Make sure you take care to pay yourself and get help, too
Likewise, a lot of headaches can be avoided by letting your beneficiaries know what you’re thinking and can fend off any future conflicts. For example, if you have your children as beneficiaries:
“I have my friend Bob as my executor, with my sister Janet as a back up executor. I have everything split equally between you and the other kids. You won’t really have to do anything, although it will probably take about a year before it’s all wrapped up. Do you have any questions?”
These conversations can feel daunting but are often quick and make a world of difference. Finally, remember that you don’t need to have all the answers; there is value in hearing the questions your friends and family have.
Tiny Preliminary Tasks
A small bit information can go a long way when your executor is trying to get started should you pass away suddenly. Although the eventual goal may be to maintain a detailed spreadsheet of account numbers and financial records, even a handwritten note can save countless hours of phone calls and bank lineups.
Consider grabbing a piece of paper and simply writing out the basics. “Banking – Bank 1 and Bank 2. Investments – here (most) and there (some). Insurance – company 1. Pensions – MPP.” Add any other pertinent information that could be easy to miss, such as “treasure chest buried in yard under the willow tree.” Finally, a few digital instructions: “Facebook PW: 123abc, Netflix: Same. Delete browser history when I’m dead.” Shove it in the same drawer as your passport and birth certificate and call it a day.
Additionally, consider creating a quick list of your belongings that may mean something special or have some value to you; it can be very difficult for an executor going through your home to determine whether that coin collection is valuable or not, or the drawing you kept on the fridge is something to be kept or tossed away. Although named gifts or valuable collections are likely deserving of more attention down the road, thinking about these things beforehand can make sorting it out later much simpler and save some headaches if you never get around to it.
Although these steps can seem light and incomplete compared to your future estate planning goals, little bits of progress can make your future planning feel much easier.
I hope you have found this article helpful, and maybe a little bit inspirational! If you have any questions or need estate assistance, please do not hesitate to reach out. Thank you for reading!
References
https://www.ipsos.com/en-ca/only-15-percent-of-canadians-have-estate-plans
https://boomerandecho.com/5-ways-to-prepare-your-executor-before-you-die/
https://financial-concierge.ca/blog/set-your-executor-up-for-success/
https://www.investopedia.com/articles/retirement/11/executors-checklist-7-things-before-they-die.asp
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