Estate planning is the act of preparing for the transfer of a person’s wealth and assets after his or her death. Assets, life insurance, pensions, real estate, cars, personal belongings, and debts are all part of one’s estate. Many Canadians haven’t taken the most basic estate planning step which is writing a will. They should. Without a will, your estate doesn’t automatically go to your spouse and children but ends up being distributed according to the rules of your province. In addition, without proper planning, almost half the value of your assets could disappear to cover capital gains taxes and probate fees.