Estate planning

Your PSPP pension comes with valuable survivor benefits to help protect your spouse and beneficiaries after you pass away, but benefits are just one part of your overall estate.

To protect your family, it's important to develop a comprehensive estate plan that deals with all of your assets.

Our Certified Financial Planners have put together a helpful checklist.

Your checklist

Keep your estate plan updated – When was the last time you reviewed your will and power(s) of attorney? It's a good idea to review these periodically to ensure they are current.

Have a Will? Identify an estate trustee – If you're married, you need to consider plans in the event that both you and your spouse pass away at the same time.

Revisit your power(s) of attorney (POA) – Do you require a POA for property or personal care? Depending on your circumstances, you may need someone to make personal care decisions on your behalf. For property, you may also require a POA who can make decisions about your finances (including your pension), home and other possessions.

Have the discussion – Speaking with your heirs now can help avoid unnecessary stress down the road. If a vacation property, such as a condo in the U.S. or a family cottage, is part of your estate, it's especially important to discuss any tax implications.

Identify your beneficiaries – Designating your beneficiaries is important because it ensures your assets are distributed the way you want and makes the process smoother for your loved ones. If there is no named beneficiary, the assets will flow to your estate and may be subject to estate administration tax (formerly known as probate fees). Estate fees will then be paid to the Government of Ontario for all assets included in your estate.

Helpful links

For more information about wills, estates, trusts and POAs, check out the Ministry of the Attorney General(opens in a new tab) and the Ontario Ministry of Finance(opens in a new tab) .

Questions?

Speak with one of our Client Service Advisors. To book a meeting with one of our advisors, click Book My 1-on-1 in your e-services(opens in a new tab) account. You can also call us at 416-364-5035 or toll-free at 1-800-668-6203.