Fiscal Agents Knowledge Bank

Notice: Fiscal Agents Financial Services Group are not engaged in rendering tax, accounting or legal professional services or advice. The comments in this Executive Notes are not intended, nor should they be relied upon, to replace specific professional advice. Before acting on material contained herein. Readers should seek advice that is appropriate to their personal circumstances from a professional advisor.

We gratefully acknowledge the contribution of this article from Trimark Investment Management Inc.

Experts Consulted: Trimark would like to thank the following individuals for their assistance in preparing this brochure:

• Robert D. Finlayson, partner, Smith Lyons, Barristers Solicitors

• Gilles Leclerc, partner, Desjardins Ducharme Stein Monast, Barristers & Solicitors

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Fiscal Agents
Why You Need an Estate Plan - 10 Simple steps

Step 2:Draw Up a Household Balance Sheet

A household balance sheet is a summary of your financial situation that ultimately determines your overall net worth. Your net worth is the value of your assets (what you own) minus your liabilities (what you owe). Work with your financial adviser to develop your household balance sheet.

A HOUSEHOLD BALANCE SHEET HELPS YOU:

5See how vulnerable you might be to shifts in your circumstances (i.e., should a death or disability occur)
5Understand how risk tolerant and comfortable you are with handling your debt
5 Reflect on your lifestyle and consider what is most important to you
5 Review income that will be available to support your family, including y insurance proceeds from policies

Step 1
Designate a Team of Professionals

Step 2
Draw Up a Household Balance Sheet

Step 3
Understand Your Life Insurance Needs

Step 4
Draw Up Your will

Step 5
Establish Power of Attorney for Property

Step 6
Establish Power of Attorney for Personal Care

Step 7
Minimize Taxes and Administration Fees

Step 8
Keep track of Accounts and Important Information

Step 9
Review and Update Regularly

Step 10
Share Your Plans

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