# Understanding the Basics of Estate Planning

**Published Dec 20, 2024 | Last updated 1 day ago**

Estate planning is crucial, especially as life circumstances change. Whether you’re starting a family or accumulating assets, having a solid estate plan in place ensures that your loved ones are taken care of in the future. In this article, we’ll explore the essentials of estate planning, including wills, trusts, designated beneficiaries, and tax planning strategies.

## **FAQ**

**Q: What should I include in my will as a young couple with no assets?**
A: Even if you don’t have many assets, it’s essential to have a will that outlines how you want your assets to be distributed in the event of your passing. You can also include trusts to manage money for minors and appoint decision-makers for them.

**Q: How can I avoid heavy taxation on my estate at death?**
A: Tax planning is crucial in estate planning. By designating your spouse as the beneficiary of your RRSP, you can transfer the registered asset on a tax-deferred basis. This can help you avoid high taxation on your estate.

## **Conclusion**

Estate planning is not just for the wealthy or elderly. It is a process that involves making decisions about how you want your assets to be distributed and ensuring that your loved ones are taken care of when you’re no longer around. By starting early and reviewing your plan regularly, you can protect your assets and legacy for future generations.

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*This article is brought to you by [Financial Post](http://financialpost.com). For more financial insights and advice, visit their website.*