In this episode Rob McGavin, the Managing Director at Scotiatrust, gives us a primer on wills. We’ll cover the basics from exactly what a will is, why you need one and where to get it. Also, we’ll go a little deeper and explore what roles you might need to assign and who can best fill them, how often to update a will, how to avoid common family conflicts and more.  Estate planning is a very personal and complex area, with many nuances and provincial differences. This podcast is intended to address/cover high level matters, not present a comprehensive overview. Everyone’s situation is unique, so it’s important to engage your personal advisors to ensure that all aspects have been fully canvassed before making or changing any part of your estate plan.  For more on estate planning, check out our previous episode with Rob McGavin: So, what exactly is a power of attorney?  For legal disclosures, please visit http://bit.ly/socialdisclaim and www.gbm.scotiabank.com/disclosures    Key moments this episode:  1:42 – Starting with some definitions – what is a will?  2:09 – What is a power of attorney?  3:22 – Why would someone need a will?  4:06 – How many Canadians have a will?  4:54 – When should people think about getting a will?  6:17 – Common reasons why people don’t get a will  7:31 – What are the roles that need to be assigned when making a will?  9:21 – What exactly is an executor and what do they do?  10:55 – How to choose an executor  12:17 – What about hiring a trustee?   13:48 – Other roles that need to be appointed when it comes to a will  15:29 – Why making your wishes clear in a will is important  19:40 – Why you shouldn't assume that when you die your money will go to your spouse automatically  20:53 – Where should someone start when it comes to making a will?  22:22 – How often should you update a will?  23:40 – Why a will is just one part of estate planning   25:10 – Breaking down how taxes work when it comes to estates  27:00 – Why communication is key when it comes to estate planning  28:01 – What is the Code of Conduct for the Delivery of  Banking Services to Seniors?  29:10 – The key takeaway when it comes to wills and estate planning