Marriage is an exciting milestone that brings many new responsibilities—including financial planning for your future together. While estate planning might not be the first thing on your mind after saying “I do,” it’s an essential step in securing your assets, protecting your partner, and ensuring that your wishes are followed. Starting early can help avoid legal complications down the road and give you peace of mind as you build your life together.
Why Newlyweds Should Prioritize Estate Planning
Many couples assume they don’t need an estate plan until they buy a home or have children. However, estate planning is just as crucial at the start of your marriage because:
- Marriage Can Impact Inheritance Rights – In some provinces, marriage revokes a previous will.
- You Want to Protect Your Spouse – Without a will, assets may not automatically transfer to your spouse.
- Powers of Attorney Matter – If one spouse becomes incapacitated, the other may need legal authority to manage finances and make medical decisions.
For more guidance on estate planning in your province, visit:
- Alberta – Wills and Succession Act
- British Columbia – Wills, Estates and Succession Act
- Manitoba – The Family Property Act
- New Brunswick – Wills and Estates Information
- Newfoundland and Labrador – Intestate Succession Act
- Northwest Territories – Estate Planning Guide
- Nova Scotia – Probate Act
- Nunavut – Estate Administration
- Ontario – Succession Law Reform Act
- Prince Edward Island – Probate and Estates
- Quebec – Successions and Wills
- Saskatchewan – Matrimonial Property Act
- Yukon – Estate and Probate Information
Key Estate Planning Steps for Newlyweds
1. Draft or Update Your Will
- Ensure that your assets are distributed according to your wishes.
- If no will exists, intestacy laws determine who inherits your estate, which may not align with your preferences.
2. Assign Powers of Attorney
- Financial Power of Attorney – Grants your spouse the authority to handle financial matters if you become incapacitated.
- Healthcare Power of Attorney (or Personal Directive) – Allows your spouse to make medical decisions on your behalf.
For power of attorney laws in your province, visit:
- Quebec – Mandates in Case of Incapacity
- Nova Scotia – Personal Directives Act
3. Review Beneficiary Designations
Update your beneficiary information on accounts such as:
- Life insurance policies
- Registered Retirement Savings Plans (RRSPs)
- Tax-Free Savings Accounts (TFSAs)
- Pension plans
4. Consider a Prenuptial or Cohabitation Agreement
If you and your spouse have significant assets or debts, a legal agreement outlining financial rights and obligations may be beneficial. Family law differs across provinces, so consult a lawyer to understand your options.
For prenuptial agreement laws in your area, visit:
- Manitoba – The Family Property Act
- Saskatchewan – Matrimonial Property Act
5. Plan for Taxes and Probate
Understanding estate taxes and probate fees can help minimize financial burdens on your spouse. Some strategies include:
- Owning assets jointly (e.g., joint bank accounts, real estate)
- Naming direct beneficiaries on registered accounts
- Setting up a trust to manage assets more efficiently
Plan for Taxes and Probate
Understanding estate taxes and probate fees can help minimize financial burdens on your spouse. Some strategies include:
- Owning assets jointly (e.g., joint bank accounts, real estate)
- Naming direct beneficiaries on registered accounts
- Setting up a trust to manage assets more efficiently
For information on probate fees by province, visit:
- Alberta – Probate Fees
- British Columbia – Probate Information
- Manitoba – Probate Information
- New Brunswick – Probate Fees
- Newfoundland and Labrador – Probate Fees Schedule
- Northwest Territories – Estate Administration
- Nova Scotia – Probate Information
- Nunavut – Probate Information
- Ontario – Estate Administration
- Prince Edward Island – Probate Court Information
- Quebec – Successions and Wills
- Saskatchewan – Probate Fees
- Yukon – Estate Administration Process
Building a Future Together with Smart Planning
Marriage is not just a romantic commitment—it’s also a financial and legal partnership. Estate planning ensures that your spouse is protected, your wishes are honored, and your assets are handled efficiently. By starting early and updating your plan as your life evolves, you can create a secure foundation for your future together. For personalized advice, consult a legal or financial professional in your province.
Disclaimer: This article is for informational purposes only and does not constitute legal or financial advice. Please consult a qualified professional for estate planning in Canada.
