Death is, of course, inevitable. However, people in Canada with a serious illness or disability, or in an advanced state of decline that cannot be reversed, now have the right to choose to die with dignity with end-of-life support.
Medical Assistance in Dying (MAID) is a process in which a doctor or nurse practitioner assists an individual, at their request, to intentionally end their life through the aid of drugs that can be taken orally or administered intravenously.
While MAID is a complex and deeply personal issue beyond the scope of our expertise, making this decision does offer the person who has chosen MAID the opportunity to plan and review their estate plan before they pass away. Once approved, MAID can happen as soon as within two weeks so, even if thinking about finances and estate planning isn’t necessarily top of mind, it may be a good idea for any potentially complex planning issues to be worked out beforehand.
For instance, we were recently able to advise and support several clients who chose MAID. Because assets become taxable or subject to probate upon death, we ensured some accounts became jointly held to protect their surviving spouse or partner. What’s more, funds were gifted and distributed to family members to reduce future estate probate fees and avoid the often long wait for the probate process to be completed.
If you or your loved one is considering MAID, please reach out to us beforehand or while you’re in the process of applying so that we can help make your estate planning as easy and worry-free as possible and facilitate your wishes for surviving family members.
We are always happy to sit down with you and discuss this or any other financial or investment concern. Feel free to reach out to us at any time.