Submitted by: Glen Izzard, CIM; Investment Advisor, Portfolio Manager
(Part 2 of 2 in our Estate Planning Series)
If Part 1 of this series taught us anything, it’s that a well-designed estate plan is like a diver’s safety checklist — the key to surfacing safely after life’s deepest dives. At the heart of that plan sits one essential document: the Last Will & Testament.
It’s the foundation of every estate plan, yet too many Canadians delay creating it or let an outdated version gather dust in a drawer.
A properly drafted Will answers the question, “Who will speak for me when I no longer can?”, and brings clarity, fairness, and peace of mind to those you love most.
A Will does more than distribute assets — it appoints key individuals who carry out your intentions:
- Executor (Estate Trustee): Your personal ‘captain’, who ensures the plan is followed. They gather assets, pay debts and taxes, and distribute what remains. Choose someone organized, impartial, and capable of handling complex details — not just a loved one who happens to live nearby.
- Beneficiaries: These are the people and organizations you choose to receive your estate. Be as specific as possible; vague language can lead to costly legal disputes.
- Guardians for Minor Children: If you have young children, this is among the most critical decision you’ll ever make. The person you name will shape their upbringing, education, and values.
- Backup Appointments: Always name alternates. Life changes quickly, and your first choice may not always be available or willing to serve when needed.
Too many families learn the contents of a Will for the first time at a lawyer’s office — and that can create confusion or conflict. A proactive family meeting can prevent this.
Consider inviting your advisor or estate lawyer to facilitate.
Such conversations aren’t about revealing every dollar or asset; they’re about sharing your intentions and explaining why you’ve made certain choices. When family members understand your reasoning, the chance of misinterpretation drops dramatically.
Advisors often see the emotional fallout of silence — disputes between siblings, resentment toward executors, and expensive court challenges that could have been avoided.
3. Estate Planning in a Small Town (and on the Farm)
Estate planning in small-town Canada carries its own unique flavour. Farmers and family business owners often face challenges that city dwellers rarely consider:
- Land and Legacy: A farm isn’t just property; it’s a family heritage and an income source. Passing it on requires balancing fairness between children who farm and those who don’t.
- Liquidity Needs: Unlike financial assets, farmland and equipment aren’t easily divided. Life insurance can play a key role in creating equality among heirs.
- Tax Implications: The rollover of qualified farm property and capital gains exemptions can make — or break — a family’s long-term financial stability.
A local advisor like me who understands both rural realities and federal tax rules can help you build a plan that respects the land and the legacy.
Don’t treat your Will as a ‘set-and-forget’ document. Review it every three to five years or whenever life changes — marriage, divorce, a new grandchild, property purchase, or business sale.
And ensure your executor knows where the original Will is stored and which professionals to contact (lawyer, accountant, advisor). A Will no one can find is as good as no Will at all.
Just like divers who double-check their oxygen tanks before descending, families need to review and update their Wills before life’s unexpected depths. Having one isn’t enough — it must be current, understood, and actionable.
Your Will is not a legal formality; it’s a final love letter — a way of saying, “I cared enough to make things easier for you.”
If you don’t yet have a Will, or it’s been more than three years since your last review, make that appointment today. Sit down with a qualified financial advisor, estate lawyer, and tax professional. Please note that I’m available and happy to have a conversation to help guide you in putting this estate plan in place.
Together, we can ensure your plan protects not only your wealth — but also your family’s peace of mind.
This material is provided for informational purposes only and is not intended to provide legal, tax, or financial advice. Always consult with qualified professionals before making decisions regarding your personal circumstances or estate plan.
About Glen Izzard
Based in Meaford, Glen Izzard is a Chartered Investment Manager (CIM®) and Discretionary Portfolio Manager with over 15 years of experience helping clients navigate investing, cash flow, estate planning, and retirement transitions.
Known for his client-first approach, Glen focuses on building clarity, confidence, and long-term results. An active community supporter, he serves as treasurer for the Meaford Chamber of Commerce and as Assistant Coach with Georgian Bay Lightning Hockey. Glen’s mission is simple: provide thoughtful guidance, practical strategies, and a steady hand so clients can stay on course — financially and in life.
Please contact: 905-407-4500
