End-of-life discussions can be uncomfortable, and many people would rather avoid them. They can be very important, however, and the opportunity to have them is finite. A great many people in British Columbia and across Canada have not talked to their kids about their wills, a study finds, but doing so could smooth the estate administration process when the time comes.
BMO Financial Group released a study on March 27 that analyzed the way people with complex families are preparing for the dispersal of their estates after death. Although 32 percent indicated they planned to leave the bulk of their assets to their spouse and children, 40 percent revealed they have not spoken to their heirs about their plans. Nearly half surveyed did not even have a will written.
The experts at BMO understand that family dynamics have changed over the years. Many older people may have children from more than one marriage, or have adopted the children of their spouse. There may be children or other heirs with special needs to consider. By making open plans and discussing intentions now, it may be possible to ensure one’s estate is administered as efficiently as possible, free from financial difficulties and unpleasant emotions.
One of the top tips offered by BMO is to make end-of-life plans with a lawyer’s assistance. A lawyer with a thorough understanding of estate law in British Columbia may be best suited for creating complex documents such as wills that will meet the needs of a person’s family, while also adhering to personal wishes. The time spent preparing now may lead to great benefits in the future.
Source: markets.businessinsider.com, “BMO Wealth Management Report: Canadians Ill-Prepared For Estate Planning With Complex Family Dynamics“, March 27, 2017