Canadians need to be strategic about those aspects of their lives that may have a dramatic impact on their finances. They need to take a long, hard look at their spousal relationships, whether legally married or living common law. Divorce and separation can be financially catastrophic. They need to take a long, hard look at their potential financial obligations to the generation that preceded them (their parents) and the one following (their children). Life is filled with harsh realities and unexpected curveballs. By being aware of the legal tools that are available for planning around these issues, Canadians can make effective decisions by using wills, powers of attorney, marriage contracts and cohabitation agreements. With strategic planning comes peace of mind.

Consider the following 10 realities and potential curveballs that people just like you have been forced to face. So...having seen what I have seen over the last thirty years of practicing law..."If I were you, I would..."

1. ...consider the strength of your marriage or common law relationship and the potential consequences of separation and divorce.
2. ...consider the most strategic way to make a gift to a child who is getting married and to later provide for that child in your will.
3. ...consider the possible consequences of holding a joint bank account with a parent/child.
4. ...consider the potential consequences of cutting the "black sheep" in the family from your will or of ignoring a dependant.
5. ...consider the consequences of living common law without a will or Power of Attorney.
6. ...consider the possibility of your parents suing you for support (or you suing your children for support).
7. ...consider the enforceability of mutual wills made after a second marriage and the need to provide for children from a first marriage.
8. ...consider the use of trusts to manage assets in your estate.
9. ...consider the advisability of pre-death gifting to avoid assets forming a part of your estate.
10. ...consider getting some professional advice about the role of wills, powers of attorney for personal care and property, marriage contracts, cohabitation agreements and letters of intent.

We cannot predict or anticipate everything in life, but with some strategic planning and awareness of the typical challenges faced by Canadians we can provide peace of mind for ourselves and our family.

To book Mr. Cochrane for a seminar elaborating on the above realities and curveballs, please contact Lisa Henry at (416) 972-9001 ext. 224 or via email at lhenry@heydary.com.

Author of Surviving Your Divorce: A Guide to Canadian Family Law (5th Edition), Strictly Legal II: Things You Absolutely Need to Know About Canadian Law, Do We Need a Marriage Contract? and Do We Need a Cohabitation Agreement?