Thinking about death and putting off planning your estate — one is difficult and the other is very easy. Together, if they remain ignored, the two can combine to create a sticky situation for you and your beneficiaries.

Without careful planning, your estate may be tied up in the courts for months or even years. The government could end up collecting more taxes than is necessary. And, most importantly, how your legacy is disbursed may be decided for you.

Every Canadian adult — regardless of your financial situation — should have an up-to-date estate plan that outlines the following:

• Who is responsible for distributing your assets;
• who gets what and when they get it;
• who will take care of your children;
• who will manage any trust accounts; and
• who will make financial and medical decisions if you’re incapacitated.

1. Determine your estate planning goals.
2. Consider which estate planning tools fit your situation best.
3. Choose the people you would like to speak for you.
4. Start raising estate-planning issues with your family.
5. Keep your estate plan up to date.