Having an open conversation about estate planning is still proving difficult for many people, according to new research from Canada by BMO Financial Group.
The study found that more than a quarter (32%) of those questioned say they plan to leave their assets to their spouse and children, but as many as 40% of these have not yet discussed their estate intentions with their heirs.
This is worrying, as setting realistic expectations with regards to inheritance can help to reduce any surprise and upset amongst relatives when it is time to administer an estate. Equally worrying is that fact that almost half (48%) of Canadians do not currently have a Will in place, with 55% of those between the ages of 35-54.
"An up-to-date Will is the cornerstone of any estate plan. However, considering the diversity of family structures in Canada, family dynamics are influential on estate planning issues such as inheritances, communication and care needs as one ages," explained Chris Buttigieg, Director, Wealth Institute, BMO Wealth Management. "Starting the conversation now and planning can help reduce some of the difficult, emotional and financial implications of administering your estate in the future."
BMO offers a number of recommendations with regards to estate planning, including:
- Consult a legal professional, who can help to ensure your Will and estate plan are up to date meet your specific needs and requirements. They can also advise you on appointing people to fill important roles such as your executor, trustee, guardian to your minor children and Power of Attorney.
- Review your Will to ensure it is up to date and reflects your current family situation.
- Document your charitable intentions and discuss them in advance with your executor and your heirs to ensure that they are met.
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