LifeLegacy Update - June 16, 2021

Today, June 16, my son turned 18! I am truly proud of the man he has become; level-headed, focused and genuinely kind. But I am also shocked how quickly time has passed. It seems like it was only yesterday that we were anxiously getting ready for his arrival. Many worried nights, happy days, proud moments and tired mornings later and our little man is now an actual man.

I had the privilege at the time, leading up to his birth, to be working with Richard Bradford and had the benefit of some really great financial advice. Prior to the birth we underwent a robust financial needs analysis to help both me and my wife understand the financial implications to our family in the event of a sickness, disability, or early death. We implemented an insurance plan that included life, disability, and critical illness coverage. We also created our first estate plan - we enacted our Wills, Enduring Powers of Attorney and Personal Directives.

It was somewhat ironic, that I was well into my financial advisory career at that time, deep in study-mode for my CFP designation and working with clients every day, and it took a major life event for me and my wife to prioritize our own financial future and spend some time on understanding how to protect our family’s financial future.

18 years later, I have the privilege to continue to work with many of the same client families, and am proud to carry on the legacy the Richard built as LifeLegacy Wealth Management Inc. The transition of the ownership of LifeLegacy this past year was another life event that prompted me to reconsider my family’s estate plan and insurance needs. Product offerings have changed, as have my family’s needs. A review was necessary and worthwhile.

I share this not to air my private affairs, but to perhaps prompt you to consider if things have changed in your own family. Time passes by quickly and each of our financial and health situations change along with the passing of time. Should you review your estate plan? Have your needs changed?

The Pandemic (which hopefully is near an end) has been a major life event for many people. Manulife released the results of a recent survey, finding out what is on Canadians’ minds.

What’s on Canadians’ minds now?
  • They’re considering life (63%)1, critical illness (52%) and long‑term disability insurance (46%) to be more important now than before the pandemic2
  • And, 64% think life insurance is one of the most important types of coverage to have during the pandemic1
  • 44% plan to, or have already purchased, more life insurance coverage1

  1. Survey by, November 2020
  2. 2020 Workplace Benefits, LIMRA

Survey findings like these combined with some personal reflection has led the team at LifeLegacy to focus on what we can do to be sure our clients are adequately protected and that their estate transition documents are current. LifeLegacy is here to help.

We are in the process of doing some background work to make a review simple for you.

We are currently:

  • Verifying the named beneficiary designations on your Registered Plans, Segregated Fund accounts and Insurance policies.

  • Reviewing the last copy of your estate documents that we have on file to help you identify if they still match your intentions.

  • Updating projections of your estate to identify liquidity needs, ease of distribution, and potential tax implications.

  • Providing a template to you for the “Because I Love You” list and an Estate Organizer Workbook.

We will be:

  • Contacting you to set up a review meeting to go through our preliminary work.

  • Reviewing you goals and objectives for your estate plan.

  • Reviewing your insurance coverages to ensure that they match your current needs and objectives.

Items for you to consider:

  • your choice of guardians, executors, trustees, attorneys, and agents that are named in your estate plan:

o Are they still local and available to complete their duties?

o Do they understand their role?

o Do they know that they have been named to this role?

  • the liquidity needs for your beneficiaries:

o How long will it take for money to flow to beneficiaries?

o Is there sufficient cash to meet short term needs (funeral expenses, fees, taxes)

  • your beneficiary designations:

o Gifts directly to adult grandchildren, rather than to their parents?

o Charitable gifts?

o Special needs beneficiaries and requirements for trusts?

  • other members of your family:

o Have they had life events (marriage, childbirth, business startup etc.?)

o Do they have an estate plan? Have they review their insurance needs?

My family is thankful for the financial advice available to us through the team at LifeLegacy, and I encourage you to take this opportunity for a review to ensure that your loved ones have the liquidity they need and can seamlessly administer your estate when the time comes.

We welcome the opportunity to work with your family and people that are the most important to you. If there are people that you feel could benefit from an introduction to LifeLegacy, we would be honoured to meet with them.