7 simple estate planning tips: Smart, easy steps to get you started – B.C. edition

Estate planning isn’t just about finances or legal documents. At its heart, it’s an act of care. A well-planned estate is one of the greatest gifts you can leave the people who love you—alleviating stress, uncertainty, and difficult decisions at a time when they are already grieving.

Whether you’re just starting to consider your plans or revisiting those you made years ago, here are seven thoughtful things to consider when planning your estate in British Columbia.

1. Start here: a Will is about more than “who gets what”

Begin with two simple but powerful questions:

• Who do I want to look after my affairs?
• What do I want to be remembered for—people, values, and causes?

A Will does far more than distribute assets. It provides clarity, reduces guesswork, and prevents loved ones from having to make emotional decisions during an already overwhelming time.

Taking the time to decide who receives what, how personal or sentimental items are handled, and which causes matter most to you is a final act of kindness—one that brings peace of mind to everyone involved.

2. Choosing an executor: it’s a bigger deal than you think

Being named an executor is often seen as an honour, but it’s also a significant responsibility. In B.C., executors must:

• Apply for probate (when required)
• Gather and value assets
• File final tax returns
• Pay debts and taxes
• Distribute the estate—sometimes over months or even years

This role can be time-consuming, emotionally taxing, and complex. Before naming a friend or family member, consider whether the task might add stress at a difficult moment.

Many people choose professional executor services, such as trust companies or executor services offered by major banks. These professionals bring expertise, neutrality, and continuity—helping ensure your wishes are carried out smoothly, while allowing your loved ones to focus on remembering you, not managing paperwork.

3. The hidden reality: your estate may face the largest tax bill of your life

For many Canadians, the largest tax bill they will ever pay comes at death. This is because on your final tax return most assets are treated as though they were sold, triggering capital gains tax.

With thoughtful planning, much of that tax can be reduced—or redirected toward causes you care about.

If you plan to make a charitable gift, donating appreciated securities (such as publicly traded stocks or mutual funds) can be especially effective. When donated directly, capital gains tax may be eliminated, and your estate receives a charitable tax receipt—benefiting both your beneficiaries and your chosen charities.

4. Registered accounts: simple, powerful, and often probate-free

Registered accounts can be one of the most straightforward ways to make a charitable gift and reduce administrative burden.

You can name a charity as beneficiary of:

• RRSPs
• RRIFs
• TFSAs (for the donated portion)

These accounts typically pass outside of probate, meaning they transfer more quickly and privately. They are also fully taxable at death, making them an ideal place to incorporate philanthropy into your estate plan.

5. Reduce decisions for the people you love

Decision-making is difficult in times of grief. A well-planned estate reduces the number of choices your loved ones must make when emotions are high.

By leaving clear directions, organizing your affairs, and documenting your wishes, you are offering your family and friends something invaluable: relief. A sense that everything is in order; space to grieve, remember, and heal.

In many ways, a thoughtful estate plan is the final loving act you can give to those who will remember you.

6. If you’re considering a gift to SFU, let’s talk early

If you’re thinking about leaving a gift to Simon Fraser University, a conversation now can ensure your intentions are honoured exactly as you envision.

By connecting with us, we can:

• Confirm that SFU can accept and steward your gift as intended
• Explore options that reflect your values and priorities
• Provide sample Will wording to help ensure clarity and certainty

These discussions are confidential, obligation-free, and designed to give you confidence that your legacy will be meaningful and lasting.

7. You don’t have to do this alone

Estate planning can feel daunting—but it doesn’t have to be. Support, guidance, and trusted information make all the difference.

We invite you to reach out to us at giftandestate@sfu.ca to:

• Request a free copy of our estate planning webinar, hosted by Pamela Yoon, offering practical insights for Canadians at every stage of planning.
• Get in touch for a confidential conversation about including a gift to SFU in your Will and how it can reflect what matters most to you.