The 5 Ws of Estate Planning with Edmond Fhima
listen now
Estate Planning
Less than 50% of Canadians have a Will in place. Without a valid Will, the government is the decision-maker for the future of your children and your assets.
Creating and periodically reviewing your Will should be a priority for every Canadian. Whether you have a minor child, hold a simple RRSP or have significant financial holdings, a legal Canadian Will ensures that your estate is handled as quickly as possible, in the manner you would prefer.
Joining us to talk about creating and executing Wills in Canada is our colleague, Edmond Fhima. Edmond is a licensed financial planner at Tulett, Matthews & Associates, and he’s been in the financial industry for over 30 years as a licenced fee-only financial planner. Edmond currently provides clients with advanced strategies for estate planning, insurance planning, cash flow and debt management, canadian estate tax planning, investment planning, and retirement planning.
In this episode, Edmond and Keith talk about who should have a Canadian Will, when to complete your Will, why you should draft a legal Will, what assets are covered in a Will, who to consider when naming an executor, trustee or guardian, and when an estate should be distributed and so much more!
How to make a will in Canada
- The benefits of talking to a financial advisor about your will before going to a notary or a will lawyer (1:22)
- Why everyone with monetary or personal assets should have a legal will (3:18)
- The surprising ways your assets might be distributed if you pass away without a will (4:41)
- Which types of property to include in your will (7:13)
- The specific aspects that business owners need to consider (8:15)
- Why you might want to have a separate will for your foreign assets (11:21)
- The responsibilities of an executor/liquidator of a will (12:53)
- What to think about when naming an executor (15:54)
- Why your spouse isn’t always the best person to name as executor (17:39)
- The correct procedure to make minor amendments to your will (19:00)
- Identifying the right person to name as executor (20:38)
- Important information to share with your executor (22:02)
- How to share details for digital assets and accounts (24:14)
- The benefits of having a family meeting to review and disclose the contents of your will (25:09)
- The role and responsibilities of a trustee (26:25)
- Typical situations where trustees are appointed (27:00)
- Naming a guardian and your preferences for minor children (29:46)
- Why you must name replacement individuals for executors, trustees and guardians (31:02)
- The criteria that must be met before assets and income can be distributed (31:44)
- What is needed for a holographic will to be considered valid (34:24)
- How a notarial will is created (35:22)
- The probate process outside of Quebec (35:56)
- Key considerations to take into account when you get divorced (38:51)
- When a protection mandate or power of attorney is used (40:45)
- Using a holographic will as a stopgap measure (42:49)
And much more!
Thanks for Listening!
Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112 Follow Tulett, Matthews & Associates on social media on LinkedIn, Facebook, and more! Follow The Empowered Investor on Facebook, LinkedIn, and Instagram
Dive Deeper: Related Episodes
Does Money Buy Happiness?
Today we are joined by Dr. Daniel Crosby to discuss behavioral finance, the psychology of money, and insights from his book The Soul of Wealth. Explore the link between wealth and happiness!
Maximize your Savings with the Right Investment Accounts in 2025
Make the most of your savings in 2025 with practical advice on TFSAs, RRSPs, RESPs, and more. Uncover benefits, clear up misconceptions, and gain strategies to take control of your financial future.
Breaking into the Canadian Real Estate Market
Unlock the door to your first home with expert tips, creative strategies, and real-world advice to navigate the Canadian real estate market and make homeownership a reality!
Stay on top of your financial education
Subcribe and follow to get updates on important wealth management topics.
Connect
Visit Us
3535 St-Charles Blvd.
Suite 703
Kirkland, Quebec
H9H 5B9
Connect