Estate Planning Explained: Will vs Trust in Canada

Solo 25Most Canadians think their will controls everything they own.It doesn't.Your will may only govern a small portion of your assets — while the rest passes outside of it entirely.In this episode, we cover:• The three ways assets transfer when someone dies• Why beneficiary designations can override your will• How joint ownership can bypass probate entirely• What your will actually controls — and what it doesn't• Why powers of attorney matter during incapacity• How family trusts can help with tax planning, control, and asset protection• The 21-year trust rule most families never hear aboutEstate planning isn't just about death.It's about control, taxes, incapacity, and protecting your family when life changes unexpectedly.Many families only discover the gaps in their plan after a crisis has already occurred.If you have children, a corporation, aging parents, or significant assets, this is a conversation worth having before it becomes urgent.Links:📋 For the full episode breakdown and additional tax resources, visit:🌐 theadvisorstable.com📞 Looking for Trusted Tax Advice?Connect with Sankalp (Sunny) Jaggi at Cedar Consulting Group📧 [email protected]🌐 cedargroup.ca🔔 Subscribe for real-world tax, estate, and wealth planning insights.👇 Comment below: Have you ever reviewed the beneficiary designations on your accounts, insurance policies, and registered plans?LEGAL DISCLAIMER: This video is based on a real case, but names and some details have been changed to protect client confidentiality. This content is for educational purposes only and does not constitute legal, tax, accounting, or financial advice. Always consult a qualified professional regarding your specific circumstances.#TheAdvisorsTable #EstatePlanning #FamilyTrust #Wills #Probate #TaxPlanning #WealthManagement #CanadianTax00:00 – Introduction: The Big Will Misconception00:15 – The Three Ways Your Assets Move When You Die00:48 – Bucket Three: The Leftovers and the Probate Process01:06 – Case Study: Why the Kids Didn't Get the Inheritance01:49 – The Paperwork Trap and Checking Your Beneficiaries02:09 – What a Standard Will Does (and Where It Fails)02:55 – The Cost of Probate and Hidden Taxes in Ontario03:41 – Incapacity Planning: What Happens If You Get Sick?04:50 – Essential Documents: Powers of Attorney and Directives05:47 – What Are Dual Wills and How Do They Work?06:47 – Demystifying the Family Trust for Regular Canadians07:44 – Four Powerful Things a Trust Can Do That a Will Can't11:51 – The 21-Year Rule and the Generational Playbook13:40 – Other Types of Trusts and Overcoming Common Myths15:33 – Summary Checklist: Who Needs a Will vs. a Family Trust?