Prepare your loved ones with end-of-life planning 

No one wants to think about the end of their life, let alone discuss it with their loved ones. However, taking the time now to plan for your end of life and sharing those plans with your family will help ease a difficult time.

While you may have assigned beneficiaries for your insurance policy and investments or even made a will, you may not have considered other aspects of end-of-life planning.

Saving for end-of-life expenses

A funeral could be your last major expense. Sun Life estimates that Canadians pay on average between $5,000 and $25,000 for a traditional funeral and between $2,000 and $5,000 for a cremation¹. Costs vary depending on where you live and what your plans include.

Some funeral providers do offer pre-paid plans so that even if prices go up, your costs will stay the same. If you do choose a pre-paid option, be sure your loved ones know and have copies of the paperwork.

Your life insurance policy may be one way to cover the costs of your funeral. We can help you review the options and decide the best course of action for you.

Choosing a power of attorney

A power of attorney (POA) is a legal document that gives someone the right to make decisions for you. In Ontario, there are two main types of POAs:

• Power of attorney for property. This allows someone you trust to manage your financial affairs, including paying bills, managing your investments or even selling your home, if you’re unable to act.
• Power of attorney for personal care. This allows someone to make decisions about your health, housing, and personal care if you become mentally incapable of making those choices yourself.
   

Who you select to be your power of attorney is a personal decision. It could be a family member, your spouse, a close friend or even a lawyer. Make sure you discuss this with the person you choose so they’re prepared. Be sure to specify in the document under which circumstances this person can act on your behalf, such as if you become mentally incapacitated.

Creating an advance care plan

An advance care plan helps make your health care wishes clear. During the process, you’ll discuss your health care preferences with your family and share which measures you do and don’t want if you become incapacitated.

You’ll ask someone to be your substitute decision-maker who will make health care decisions for you when you’re unable to make these decisions for yourself. Depending on legislation where you live, you may have to grant this person power of attorney for your health care. There are plenty of resources online to help guide your discussions with your family and health care team.

It’s important to note – an advance care plan isn’t the same as an advance directive which is a formal document, also called a living will. An advance directive records your explicit instructions if you become too incapacitated to consent to receiving or withdrawing medical care.

Next steps: End-of-life planning and your financial plan

End-of-life planning is about more than documents. It’s about making sure your wishes are clear and your loved ones are supported when they need it most.

We can help you review your insurance, beneficiary designations, and estate planning strategies to ensure they align with your goals. Together, we’ll make sure your financial plan reflects your wishes and provides clarity for the people you care about.

Sources

How much does a funeral cost? July 5, 2024. Sun Life. https://www.sunlife.ca/en/insurance/life/how-much-does-a-funeral-cost/.