Saturday, October 19, 2024
Estate Planning: Who Needs It and Why? A presentation by Financial Planner Meiz Majdoub
By Joy Osiagwu, Editorial Associate
It was an engaging evening for members of the Ottawa Golden Oldies’ Seniors’ Club (OGO) as they listened with rapt attention to an insightful financial presentation by one of their own, Senior Meize Majdoub, an experienced financial planner, on the topic entitled Estate Planning: Who Needs It and Why.
While covering the presentation, I could not help but glean from the rich conversation about the importance of estate planning. I wish the organizers could accommodate a larger crowd at the venue (Sandy Hill Community Centre, 250 Somerset Street East, Ottawa) for such an insightful meeting.
Why you need a comprehensive estate plan
The presentation delved into the essence of estate planning and its significant aspects. Senior Majdoub stressed the importance of a comprehensive estate plan, which goes beyond having a will. He highlighted the key elements of Ontario’s estate planning, emphasizing that to have control over the distribution of assets and to reduce the financial burden for loved ones after passing on, an individual must have trust (living or testamentary) and power of attorney representation ( for health, agreements, wills, and property ). He reiterated that everyone needs a comprehensive estate plan to be fully prepared.
Importance of Insurance
Senior Majdoub described life insurance as a valuable estate planning instrument, providing security for those wishing to leave wealth to their heirs or family members. He adds that a good insurance policy will ensure proper distribution without barriers. Majdoub interspersed the presentation with conversations around known examples of the benefits of various life insurance policies, such as term life insurance and permanent life insurance, and the two crucial irrevocable trusts often funded by life insurance. He reiterated that life insurance is critical to taxation as death benefits are tax-free for beneficiaries.
While answering questions from the participants, the presenter also discussed what to do if you have trustees or properties outside of Canada to avoid discrepancies. He stressed the importance of legal advice as a good guide. Senior Majdoub concluded his presentation with a call to action:
“If you die without a will, you no longer have control over the distribution of the properties. The court will appoint an administrator to manage your estate or property with a high administration cost. The best time to act is now!”
In an interview session with Senior Eugenia Padmora, she applauded the initiative for older adults in the community while drawing attention to the importance of the presentation:
“We need to have such meetings to discuss important topics like estate planning and will issues because as we age, dementia may set in at any time, and you end up not knowing what you are doing.” She concluded.
Senior Aba Tsiagbey, a member of the club’s advisory committee, applauded the informative topic and urged her colleagues to take advantage of the lessons learned and engage the services of experts to plan. She adds that topics like these create the need for public awareness about estate planning and its benefits. Furthermore, she celebrated the initiative, which has allowed elders in the community to step out of their homes to socialize and learn new things about current trends in society and information technology.
Godwin Ifedi, the Program Coordinator of the club for seniors of African, Caribbean, and Black (ACB) descent in the Canadian capital region, corroborated these testimonies to affirm the objective of the Ottawa Golden Oldies Club.
The organization, supervised by the African Canadian Association of Ottawa (ACAO), aims to ensure that seniors in Ottawa enjoy and benefit from the programs and services. The organization is also initiating new projects and extracurricular activities to ensure that members connect and maintain good health. Mr. Ifedi said many seniors have successfully reduced social isolation since joining the club, with membership open to seniors 60 and above.
The President of ACAO, Mr. John Adeyefa, acknowledged ACAO’s interest, as the club’s goals align with the principles and mandate of the ACAO as an umbrella body catering to the needs of all ages in the ACB communities. He recalled collaborating with the five-member Advisory Committee of the Ottawa Golden Oldies, chaired by the Program Coordinator, Godwin Ifedi, to make life more meaningful for seniors in Ottawa.
Godwin Ifedi, the Program Coordinator (OGO)
Since its creation, the club members have benefited from a series of events, including a special health presentation by Ottawa Public Health on “Falls Prevention among Seniors.”
Click on the link to watch a video of the interviews: