Investments, Tax, and Estate Planning

Investments

When you get married many things will change and one may be your investments. As single people you each had a financial plan that suited your age, objectives, risk profile, income, etc. However, now that you are becoming a couple, and perhaps planning a family, your investment situation may change. Although this will probably not be the most pressing issue as your marriage nears, it is strongly recommended that you plan to meet as a couple with your financial advisor to reconsider your financial future. Your plans and objectives as a couple will definitely be different than your individual plans and this opportunity to take stock of your new situation should be an exciting time. Properly arranged and structured, your collective saving ability may very well be more powerful that the sum of your independent efforts.

Your advisor will have a lot of information about not only creating a solid portfolio for your new circumstances, but also some good strategies to take advantage of the tax opportunities available and to ensure your estate is protected.


The Importance of Wills

Everyone should have a legal Will. It is also important to appreciate that when you become married, your previous Will is automatically revoked. Consequently, it is very important that you and your spouse discuss your estate plans and create new Wills, ideally with the assistance of a lawyer. If you don't have a legal Will in place, provincial/territorial law will apply legislation that will distribute assets subject to a specific formula for the distribution of assets and care of dependent children which may not be what you and your spouse intended. You should also have proper Powers of Attorney in place to ensure your property is protected should anything happen to you and you become unable to make decisions.

You should also have proper Powers of Attorney in place to ensure your property is protected should anything happen to you and you become unable to make decisions. Here are helpful resources that you can use when planning your estate: estate planning checklist, Will planning checklist and personal record keeper.

Here is a link to a basic Will: Last Will and Testament

A lawyer should be consulted when a Will is being considered. There are legal and family issues that need to be addressed if this route is taken.

More Marriage articles:

  • Impact of Marriage »
  • Living common law »