About Helm - Helm Asset and Wealth Management Inc. is an independent, fee-only financial planning firm based in Alberta and serving across Canada. We build comprehensive financial plans and ensure that the family offices, portfolio managers, and accounting and legal offices you work with stay aligned with your plan, working in tandem so that all advice aligns.
Ancient cultures used to bury important possessions with the dead, believing them to be of use in the next world. Kings of old would fill their tombs with terracotta armies to protect them in the afterlife.
We don’t really do that anymore, but the question still matters: what happens to your assets when you pass away? And how can you make things easier for the people you care about?
That’s where estate planning comes in.
At its core, estate planning is about creating a clear plan for your assets, your responsibilities, and your wishes. A financial planner helps you organize that plan, and coordinates with your legal and accounting professionals to make sure everything is properly documented and aligned.
Estate Planning vs. Succession Planning
Everyone should have an estate plan in place. It becomes even more important as your life, family, and finances grow more complex.
Without a plan, your loved ones may be left making difficult decisions during an already stressful time. With a clear plan in place, there is less uncertainty around what happens, who is responsible for what, and how assets are distributed.
So if that’s estate planning, what is succession planning?
Succession planning focuses on your business. It answers a different question: who takes over when you step away?
This might happen when you retire, or it could happen unexpectedly. Either way, it often involves multiple stakeholders, such as family members, business partners, or leadership teams.
A strong financial plan brings both pieces together. Estate planning and succession planning should work side by side, especially for business owners.
Building a Solid Estate Plan
Estate planning takes time, and it should. A well-built plan reflects your current life, your goals, and your responsibilities.
A good place to start is with a simple question:
Do you have a will, and is it current?
Many Canadians do not. Some estimates suggest that a large portion of adults either do not have a will at all, or have one that no longer reflects their situation.
A financial planner can help you organize what needs to be included, and then work with your lawyer to have the appropriate legal documents prepared.
What Typically Goes Into a Plan
While your legal professional drafts the documents, your financial plan should clearly outline:
Your assets, including accounts, property, and valuables
Your beneficiaries, and how you want assets distributed
A power of attorney, for financial and personal decision-making if needed
An executor, who will carry out your wishes
Care considerations for dependents, such as children or pets
Digital assets, like online accounts or subscriptions
Your personal wishes, such as burial or cremation preferences
Your lawyer formalizes these into legal documents, while your planner ensures everything fits within your broader financial picture.
What Comes Next?
A will is a key part of your estate plan, but it is only one piece.
A complete plan may also include:
Trust planning, where appropriate, especially for minors or complex family situations
Charitable giving strategies, to align with your values and tax considerations
Tax planning, coordinated with your accountant to reduce unnecessary tax burdens
Business considerations, if you own a company
Each of these areas involves different professionals. Your financial planner helps bring them together into one coordinated plan.
Estate Planning for Business Owners
If you own a business, your estate plan becomes more complex.
In addition to your personal planning, you will need to consider how your business is handled in the future.
Key areas often include:
Succession planning, to determine who will take over and how
Shareholder agreements, where applicable, to outline what happens in events like retirement or death
Creditor considerations, to help protect business assets
These strategies typically require input from legal and accounting professionals. A financial planner helps ensure that these moving parts stay aligned with your overall plan.
Don’t Set It and Forget It
An estate plan is not something you create once and leave unchanged.
Life changes. Families grow. Businesses evolve.
Your plan should be reviewed regularly with your financial planner, and updated alongside your legal and accounting professionals when needed.
Secure Your Family’s Future
If all of this feels overwhelming, that is completely normal.
Estate planning is a detailed process, but you do not have to navigate it alone.
A clear plan can help:
Reduce stress for your loved ones
Minimize confusion and conflict
Improve tax efficiency
Ensure your wishes are respected
Most importantly, it brings everything together into one coordinated strategy that reflects your life and your priorities.
At Helm, we focus on building that plan and working alongside your legal and accounting professionals to keep everything aligned.
Important Information
This article is provided by Helm Asset and Wealth Management Inc. for general educational purposes only. It is not financial planning, investment, tax, legal, accounting, or insurance advice tailored to any individual. Tax and estate outcomes depend on personal circumstances and provincial rules; legislation, CRA positions, and market conditions can change after publication. Helm operates as a fee-only financial planning firm under the FP Canada Standards Council Standards of Professional Responsibility. No specific product, fund, security, or insurance contract is being recommended. Intended for Canadian residents only. Consult your accountant, legal counsel, and CFP® professional before acting on any concept discussed.
Helm Asset and Wealth Management Inc. · helmmanagement.ca