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Tips for Estate Planning
At CUA, our goal is to support members with financial advice and guidance at every stage of their lives and financial journeys. In this CUAdvice article, we share some tips and considerations for estate planning and the importance of keeping your estate and related documents organized and up to date.
Common Myths in Estate Planning
Having a will is important to ensure your personal wishes and decisions about your estate are carried out as you intended after you’re gone. Creating or updating a will is something people find easy to put off for another day, but life can be unpredictable and it’s best to be prepared.
Without an up-to-date will, decisions about your estate may be made according to provincial laws rather than your preferences, which can create unnecessary stress, delays and costs for your family during a difficult time.
"I have a will and that's all I will need."
A will is a great starting point for estate planning, but there are other documents that you should obtain. To help ensure your wishes are carried out as intended, start by considering the following:
Power of attorney- This is a legal document that designates a person (or multiple people) to have the authority to manage your money and property on your behalf when you are unable to do. This person is often referred to as the POA.
Personal Directive- A directive outlines your wishes regarding health care and personal care decisions that can be made on your behalf if you aren’t able to make the decisions yourself.
Letter of Instruction- The Letter is an informal roadmap for your executor and family. This letter outlines where you keep any important papers, your financial affairs and any final wishes you would like your loved ones to carry out.
"I set general instructions, they'll cover everything."
People often feel that it’s better to make a plan broad enough to cover any future scenario, but in estate planning, the specifics matter. Make sure your will lists beneficiaries and the POA(s), and that asset distributions are updated to reflect any changes in your life or family situation.
Some items that are helpful to include are insurance documents, credit card information and any bank or investment accounts that will need to be closed.
"I made a will before I was married; I can use that one."
A will should be updated after a marriage or divorce because legal entitlements can change following these life events. If you have experienced a marriage, divorce, or any other significant life changes, including starting or ending a common-law relationship or having children, you should update your will. Keeping your documents updated to reflect these milestones is important, as it demonstrates that you have taken the time to consider how these changes may affect those people close to you and the distribution of your assets.
"I don't have enough assets for an estate plan to be worth it."
Everyone benefits from estate planning. There is not a minimum amount of money or asset value required to start planning. The biggest benefit of having an estate plan is that it becomes easier for your loved ones and executors to carry out your wishes, saving time and money during the estate settlement process.
If you don’t keep your estate planning documents up to date, you might not have your wishes carried out as you intended. New children, stepchildren or grandchildren could be left out accidentally. You may have previously set beneficiaries who are now deceased or with whom you no longer have a trusting relationship. Conflicting information between older and newer documents can cause costly delays and legal disputes. We know these conversations are not easy to have but maintaining a detailed and up-to-date plan for your legacy can help reduce stress when the time comes to carry out your wishes.
We can help
Our team at CUA has worked closely with many families who are navigating these types of transitions. We have a partnership with Concentra Trust, who specialize in estate and trust planning and will be able to provide detailed advice. If you do not have a will prepared or need to make changes to your current estate plan, please connect with them or with us.
If you have any questions about your financial situation or would like to broadly discuss estate planning considerations, please reach out to a Financial Advisor at, info@cua.com or book an appointment online.
Published August, 2026