Planning your estate might feel like a daunting task, but according to Lisa Grover, a longtime estate lawyer in the Bow Valley, it doesn’t have to be. With the right guidance, estate planning can be a straightforward and rewarding process—one that can provide clarity, confidence, and even an opportunity to support causes close to your heart. We sat down with Lisa to discuss common concerns, the benefits of estate planning, and how a legacy gift can be part of your plan.
Why is estate planning important, and what do you say to people who keep putting it off?
Estate planning has always been an essential piece of managing your household. The biggest hurdle is often just getting started. Many people tell me, “I’ve been meaning to do this for years.” But once their plan is in place, they feel like a weight has been lifted. Having a plan is such a gift—not just for yourself but for your family too. It gives them confidence and clarity when they need it most.
Some people worry that leaving a gift to charity might take away from their family’s inheritance. How does estate planning address that concern?
People often think they have to choose between taking care of their family and supporting a cause they believe in, but that's not the case. There are so many ways to structure a gift to make sure your loved ones are looked after while still supporting a cause you care about. Some people name a charity as a beneficiary of their RRSPs or life insurance. Others include a percentage of their estate rather than a fixed amount. Your estate may be worth more than you think, and by working with a lawyer, you can find a plan that aligns with your values and priorities.
Are there financial benefits to leaving a charitable gift in your will?
Absolutely. Charitable donations can reduce the taxes your estate will owe, meaning more of your assets go to the people and organizations you care about. In fact, strategic planning can sometimes result in your beneficiaries receiving the same—or even more—than they would otherwise, while still supporting an organization you love.
What’s the first step for someone thinking about their estate plan?
The first step is simply acknowledging that you need a plan. I always tell people, "A plan that isn’t perfect is better than no plan at all." From there, work with a lawyer and an accountant to ensure your wishes are properly documented and legally sound. And remember, an estate plan isn’t set in stone. A good plan is reviewed every three to five years to reflect changes in your life and priorities.
What’s one thing you wish more people knew about estate planning and legacy giving?
Giving feels really good. Whether it’s to your loved ones or to a cause you believe in, making a plan that reflects your values is incredibly rewarding. Having an estate plan gives you confidence, makes things easier for your family, and allows you to continue supporting the people and causes that matter to you long after you’re gone.
