Dividing Your Estate Should Be Your Decision

Whether or not it is pleasant to think about, we will all die one day and it is the right and considerate thing to do, to plan your estate. The estate will be divided either way but do you want this burden to fall onto your loved ones where disputes could arise? Do you want most of it to be taxed because it wasn’t properly planned? This is a story of one widow who had to divide her spouse’s estate after his passing. Here is her advice to others on planning an estate and why it’s important.

Drawing up a will can be an emotionally taxing process. But it’s one that becomes especially difficult when a spouse is left to cope with the task after their partner passes away. Suddenly, what was once a joint decision made with a lifelong partner becomes a task a widow must face alone.

Cinda J. Collins, senior vice president and financial advisor at RBC Wealth Management, knows this all too well. Despite having two years to prepare for her husband Bob’s passing when he was diagnosed with acute myeloid leukemia, Collins found the financial and emotional implications of settling his estate after he was gone were often overwhelming.

To help other widows cope with the process, Collins, along with Deborah Johnston, senior vice president and financial advisor at RBC Wealth Management, offer some advice on how couples can approach estate planning together, as well as what a surviving spouse should do in the unfortunate event their partner passes.