Money Matters with Jim Doyle
Episode #11: An Unconventional Estate Perspective: Prepare Your Heirs – Not Your Estate
What was the motivation behind this show?
How does the saying go – in polite company, you don’t talk about politics, religion, or death… However, without the benefit of open dialogue, many families have beneficiaries who are not prepared to inherit well. What does it mean to inherit “well”? Will life be made too easy – stifle their development – or offer other challenges?
My guests and I would like to suggest that estate planning is less about who gets your stuff – and more about managing the people you’ve asked to manage your affairs – while you’re alive, or after you’ve passed away.
Newly appointed executors often come to us for help, with little understanding of what the role entails, or is expected of them. Too often, they have incomplete records and paperwork they don’t understand. Not uncommonly, they’re thrust into the middle of family dynamics and left to manage people’s expectations, with timelines they have no control over.
So, what’s our motivation? To help answer questions like: “Will the kids inherit well? Will they make great financial choices? Will my surviving spouse be ok?”
We invite you to tune in Thursday at 5pm PT or Sunday at 7am PT on Joytv.
What is this episode about?
On this show, my guests, lawyers Christine Lowe of Richards Buell Sutton and Eric Clavier of Fasken, and Berta Lopera, past Executive Director of Seniors First BC, and I explore the significance of estate planning. We highlight the importance of getting families and spouses to speak openly about estate planning and offer tips for having healthy money conversations.
Financial literacy rarely seems important – until a time of crisis, when we’re asked to make important decisions affecting our futures – with whatever financial skills we have.
The weekly television series Money Matters with Jim Doyle was created in an effort to encourage Canadians to explore some of the financial issues we help clients address throughout their increasingly complex lives.
What are we hoping will come out of this show?
My guests and I would like to encourage discussions within the family to explain WHAT your wishes are – to ensure you’re looked after with dignity – and that your loved ones are prepared to inherit WELL. If your Will includes an Executor, a Power of Attorney, or a Representation Agreement, let that person know they’ve been appointed and offer some guidance as to what the role and responsibilities will look like.
Jim Doyle, Doyle & Associates Private Wealth Management, Investors Group Financial Services Inc.
This is a general source of information only. It is not intended to provide personalized tax, legal or investment advice, and is not intended as a solicitation to purchase securities. Jim Doyle is solely responsible for its content. For more information on this topic or any other financial matter, please contact an IG Wealth Management Consultant. Views of guest speakers may not be shared by IG Wealth Management.