Why You Need an Estate Plan – And Why You Shouldn’t Wait

At Prosperity Credit Union, we’ve seen firsthand how having a clear estate plan can ease stress, protect assets, and provide peace of mind. Whether you own a family farm, run a local business, or simply want to ensure your loved ones are taken care of, an estate plan is an essential step in securing your future. Here’s why you shouldn’t put it off.

1. Protect Your Loved Ones

Without a proper estate plan, your family may face complex legal processes during an already emotional time. An estate plan ensures your assets - whether it’s your home, savings, or farmland - are distributed according to your wishes. It’s not just about who gets what; it’s about providing clarity and comfort when your family needs it most.

2. Safeguard the Family Farm or Business

For many in rural Saskatchewan, the family farm or small business isn’t just a source of income - it’s a legacy. An estate plan helps ensure that legacy continues, outlining how ownership and operations will transition to the next generation. Without a clear plan, those hard-earned assets may be subject to legal disputes or even forced sales.

3. Make Critical Decisions Ahead of Time

Life can change in an instant. If you become unable to make decisions for yourself due to illness or injury, an estate plan allows you to name someone you trust to handle your financial affairs and health care decisions. Without it, these decisions could fall to the courts - adding additional stress for your loved ones during an already difficult time.

4. Minimize Taxes and Expenses

A well-prepared estate plan can help reduce the taxes and legal costs your family may face when settling your estate. Without a plan, more of your hard-earned wealth could go to government fees rather than the people and causes you care about. Estate planning ensures that as much of your estate as possible is preserved and passed on.

5. Avoid Family Disputes

In the absence of a clear estate plan, even the closest families can face disagreements. By clearly outlining your wishes, you eliminate uncertainty and help prevent conflict. It’s a gift of clarity and direction that spares your loved ones from the burden of guesswork and potential disagreements.

6. Peace of Mind - For You and Your Family

Perhaps the greatest benefit of estate planning is peace of mind. Knowing that your affairs are in order allows you to focus on living fully today- secure in the knowledge that your loved ones will be cared for, and your legacy will endure.