Estate planning should be a financial priority at almost any stage of life. In fact, an estate plan is absolutely essential for organizing your financial affairs and providing for the well being of your family members.

An estate plan is written documentation of how you want your assets to be ownedCOMCOM managed and preserved during your lifetime and how you want them dispersed after your death. It would ensure a simpleCOMCOM tax-efficient and organized transfer of your assets to loved ones.

The will is a roadmap for planning your estate and should be updated on an ongoing basis - particularly as your circumstances change throughout your life. A will is quick and easy to produce and will generally cover the distribution of assets within the estate (e.g. investmentsCOMCOM real estateCOMCOM possessions); naming beneficiaries of the estate (e.g. immediate or extended familyCOMCOM institutionsCOMCOM etc.); naming the executor - the individual(s) or organization chosen to administer the estate.

If you should die without a will (referred to as intestate)COMCOM the province you reside in will administer your estate using a formula. In this caseCOMCOM you've essentially forfeited your say on how things are divided and who will be in charge of the process.

A provincial court will then confirm the validity of your will. Probate fees are essentially the taxes that must be paid to the provincial government before your executor can begin to administer your will. The fees vary from province to province and are based on the value of the assets in your estate. In addition to probate feesCOMCOM there are fees payable to the executor administration services and fees payable for legal and accounting services. In the endCOMCOM the cost of probate can be significant.

It's important to have a strategy in place to preserve the value of your estate for loved ones. Work with your financial advisor to determine what exactly is in your estateCOMCOM and then devise your plan.