What do you think of when you hear the words estate planning?

For many of us, we think of the financial side of things. Merv Peters of Fresh Ground Financial says in reality, we need to start seeing it as a way to pass along wisdom and values to our children.

The Connections podcast: real life, real faith

"That's where I think it's so wonderful when families can have these conversations together, prior to their being an illness, prior to death being imminent, so parents can pass on to the next generation what's important to them and what they value," Merv explains.

For many, death, estate planning and creating a will can cause unnecessary stress and discomfort.

"I think we are often uncomfortable thinking that we may die, that we may become ill and life may not go on," said Peters. 

He says just under 50 percent of people living in Canada have a will, and most of them are outdated. When it comes to estate planning, most people have no clue where to even begin.

Merv Peters says he has a three-step planning process that can help get the ball rolling.

"The first step is to just think. Think about wishes for such things as funeral arrangements, distribution of assets, the family home, other personal possessions you may have and any charitable giving that you want to be a part of," Merv explains.

Next, he says it is important to talk with the people who will be involved, impacted or disruptive after a death. The final step is to take action to update wills, decide on a power of attorney and make a health directive.

"If we don't do these things, it leaves those that we care about making decisions in a very emotionally difficult time, and we often don't make wise and healthy decisions in a difficult time."

Today on Connections, Merv shares with us the importance of estate planning and why it's so important to start now.