I have written numerous times over the years urging you, my readers, to get
your financial affairs in order, by stress testing your finances should you
pass away suddenly. While clearly a morbid topic, the rationale for the
discussion is this: if you do not get your affairs in order and you pass away
suddenly, you leave your family a financial mess at a time of emotional
distress, anxiety and confusion.
I have had many readers personally write to thank me for urging them to
undertake this task, since it provided them with financial peace of mind. They
told me that in many cases, this undertaking was the catalyst for them to sit
down with their spouse or significant other, review their finances, and communicate
and document what financial assets they have and where they can go to find
them. In addition, other non-financial issues surrounding their passing were
discussed, such as funeral arrangements.
In my professional practice, I have practiced what I preached and have urged
my clients to write their financial story and organize their affairs. As
clients, I was able to provide them a fillable estate organizer to make their
task somewhat easier.
You can link to the estate organizer and download the document here.
If you have not already taken the time to write your financial story and organize your estate, you now have no reason to procrastinate — you have a simple, fillable document to make the task much simpler.
In my next post two weeks from today, I will walk you through the organizer and what you can accomplish in completing each section of the document.
The content on this blog has been carefully prepared, but it has been
written in general terms and should be seen as broad guidance only. The
blog cannot be relied upon to cover specific situations and you should
not act, or refrain from acting, upon the information contained therein
without obtaining specific professional advice. Please contact BDO
Canada LLP to discuss these matters in the context of your particular
circumstances. BDO Canada LLP, its partners, employees and agents do not
accept or assume any liability or duty of care for any loss arising
from any action taken or not taken by anyone in reliance on the
information on this blog or for any decision based on it.
Please note the blog posts are time sensitive and subject to changes in legislation.
BDO Canada LLP, a Canadian limited liability partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms.
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