#72 — Leanne Kauman (Returns): Trust & Estate Planning Advice
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What is probate and why does it matter for Canadian families?
Hey, it's Dave Chilton, The Wealthy Barber and former Dragon on Dragon's Den. Welcome to The Wealthy Barber Podcast, where we'll be hosting some of the top minds in the world of personal finance. Yes, that's to balance me out. The podcast is about making the subject not just easy to understand, but dare I say, even fun, honest. Whether you're trying to fund your retirement, figure out how to build a down payment, save for your kids' education, manage debts, whatever, we'll be here to help you do it. Before we jump in, a quick but important note. Nothing we discuss here should be taken as investment advice. We don't know you and your personal financial situation, so we're not here to tell you where specifically to put your investment dollars.
We're here to educate, get you thinking, and we hope, entertain. But please do your own research and or consult with your financial advisor before taking any action. Hey, it's Dave Chilton, The Wealthy Barber with The Wealthy Barber Podcast. How about this shirt? And then Leanne, our guest, whom I'll introduce in a moment, has more or less matched and no, we did not coordinate ahead of time. Thank you to all of you for the wide following. It continues to grow. We're astounded by the feedback. We've had great guests and today is no exception. Leanne Kaufman is back, the president and CEO of RBC Royal Trust. She and I are good friends, want to be upfront about that, but I want to tell you why we're good friends.
She is one of the finest people I know. Kind, generous to everybody, exceptionally smart, but let's be honest, none of you care about that. What matters to you is she is an estate planning expert, a true expert. We had her on the show in the past and it was one of our most popular episodes. She's able to come at things with great experience. She's a lawyer by trade, master of laws from Osgoode. She went to Queens before that. She's got every designation under the sun. She's a Blue Jays fan. I'm not keen on that front, not a Tigers fan, but she has lots of other positives. And she and I worked together a lot in the past, gone on speaking tours together. We once went on tour where I had a kidney stone and she had to pull over to the side of the road and watch me do stride jumps.
So I was trying to get it to move. It did not work, by the way, but it gave her tremendous entertainment. So Leanne, welcome back to the Wealthy Barber podcast.
Thank you. Thanks for all the kind words. And my deepest regret is that I don't have video evidence of you in McDonald's parking lot doing the stride jumps, but it'll live here forever.
Yes, a low, low moment. Now, kidding aside, your appearance on the podcast was a huge hit. And, you know, I know you well and I know what an expert you are in all of this, but it really was embraced by the audience. They loved hearing your perspectives on different estate planning challenges. And one of the things you do, of course, is you see on the front line all the things that can go wrong. And they do go wrong and all the family friction that results from that. So we'll talk about a lot of that. But what I'm excited about is we talked ahead of time. Normally we wing all of these types of things, as you know, but we talked a little bit via email about what subjects to cover off. And I really like some of the choices that you sent us.
In fact, I kind of got back to you and said, yes. Let's just go with those because you're hitting right on what we get asked a lot about and what's tended to go over well. Let's start with probate. And don't laugh when I ask this basic question. What is it?
It's such a dirty word that nobody ever gets past the word to figure out what it actually means. So probate is basically the court or the government's seal of approval on someone's appointment as an executor. So it doesn't give the executor power. The will gives the executor power. But what probate does is it proves to all the third parties that the executor has to deal with, financial institutions being the biggest one, but it could be insurance companies.
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