Ask a Planner

By Jason Heath, CFP on November 18, 2024
Estimated reading time: 5 minutes

By Jason Heath, CFP on November 18, 2024
Estimated reading time: 5 minutes

Canadians with no children or siblings must consider estate planning alternatives. Here’s why trust companies can be a good option.

I am a 60-year-old single woman with no children. I am an only child and have no siblings, nieces or nephews. I have a lot of friends and most of them are my age. I am planning to update my will soon and I am considering naming a trust company (if that is the correct name) as the executor of my estate. I am trying to figure out how to select a reputable company, what to look for and how it works.

—Michèle

When people prepare their power of attorney (POA) or their will, they tend to name family members as their attorneys or executors. A spouse is a natural first choice, followed by one’s children if they are old enough. Siblings are good options as well. In your case, Michèle, it is tricky, and you must consider alternatives.

A power of attorney, personal directive, mandate or similar estate planning document names someone to make financial and health care decisions on your behalf. The role generally comes into effect if you can no longer make decisions on your own due to a health issue or loss of capacity.

Someone who acts........

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