ONE Sports PowerPlay Blog

Hopefully you have been noticing the caption at the top of these blogs. Chris and I have reflected on how to best position putting the various pieces of the Pro’s Process together. I know you get playing offense and playing defence and we assume specialty teams strike a chord. That’s why we called these info pieces the “Power Play”; making sense and taking advantage of the opportunities following the Pro’s Process uncover. With all the airplay surrounding the recent deaths of several celebrities and their inadequate Estate Planning, a lot has been said about the state of Will Planning in Canada; 50% of adults do not have a Will, and 16% have a Will but described it as inadequate or out of date.

So here it is, 10 things you should think about in the making of an Estate Plan

  1. Avoid using overcomplicated wording. We have put together some articles and have access to some good templates for you to prepare your Will; keep it simple as there is no need to get fancy with how you say what you want to say.

  2. Avoid the use of complicated structures. Part of the service we provide is helping you to connect with a lawyer for the final drafting of the official document. Once they have all the information on the questionnaire that we will supply, we trust the lawyer to suggest the best course of action. With my help, we will walk through things like trusts for the kids, charitable donations, assets in multiple places, etc. Once we identify those things, where applicable, we can let the lawyers suggest what may work best, and what structures if any we should use.

  3. Don’t let the tax tail wag the dog. There are so many niggly little tax things that come into play when planning with professional athletes. We are so lucky to be able to access excellent tax planning help with the partners with which we work. There are many times when a purely tax decision may not make the most sense for a particular situation. As above with the lawyer, we prefer to let the tax experts make their suggestions, and then, while thinking of the complete picture, we help you make the best decision for you and your family.

  4. Don’t create a burden for your executors or trustees. As we have outlined in our piece “What you need to know about choosing an Executor” we discuss just how difficult it can be as an executor. Why make it any harder? Together, we will work through the different pieces on your Estate plan where the Executor, or Trustee, will need to be involved, and ensure instructions are complete and easy to follow.

  5. Choose your Executor wisely. Again, together with the piece I mention above, we will help you make the best choice of Executor.

  6. Allow for flexibility. Things change … laws change … family dynamics change … you change. We will be mindful to make sure that any decisions we take in formulating the Will documents won’t lock you or your family into situations that do not take these changes into account.

  7. Ask your children what they want. Granted, this is a tough one for most of my clients, as the children in question are usually quite young. However, when deciding on things for them, remember to try to look at it from their future perspective … we will be putting a plan in place for regular review, to capture this type of thing as your kids grow.

  8. Include your Will as part of a complete Financial Plan. As all of you know, that is where Chris and the Pro’s Process provides us with the best opportunity for success. This is exactly what the Playbook is all about … paying attention to each piece of the wheel in equal amounts, and ensuring all bases are covered.

  9. Include a plan for regular updates. I turn your attention again to our website and the articles I have posted there; a good piece on why updating the Will is so important. It is usually suggested we review our Will plan at least every 5 years. With number 9 above, by treating the Will as part of your over-all plan, Chris will always address this in your annual review, so we both will not lose sight of updates as required.

  10. Don’t delay. Why wait? You have taken the time and effort to consider putting your thoughts and wishes to paper … what is preventing you from formalizing it with having the Will drafted and signed? Let us help you put it all together and give you the peace of mind that comes with knowing you have done your best to protect your family and loved ones.