Many studies and polls have shown that almost half of us had not created a will and powers of attorney. These documents are the most significant element of an estate plan and for planning your financial future.. Furthermore, 46% of those without a will thought they were too young or didn’t have enough assets to create a will. Interestingly, this includes almost one-third of Boomers (aged 45- 64) and almost 10% of seniors (age 65 and over), typically life stages when people have accumulated the most assets and are approaching a time when their wealth will transfer to the next generation.
An estate plan is recommended if you have any assets and is essential if you plan to take care of any dependents, such as kids, elderly parents or others. I recommend it at any age.
If you die “intestate”, meaning without a will, your estate will be administered in accordance with provincial law. This leaves crucial aspects of your estate to be dealt with based on what was decided by the government. One of the biggest surprises is that when a deceased does not have a will is that the entire estate does not pass to the spouse.
If you have a will, is it up-to-date? Approximately 75% of Canadians that have a will acknowledge that it is out of date, meaning that it does not reflect either their current life circumstances or it does not reflect how they currently wish to see their estate handled.
For the full CIBC report, click here.
Powers of attorney are even more important because they are legal directions while you are still alive. Here is some great information about powers of attorney.
If you would like a recommendation to a great estate lawyer to prepare or review your will or powers of attorney, there are three members of my Network of Exceptional Specialists that I would recommend to my family so please call me so we can discuss your specific needs.
More Than Just Your REALTOR® For Life,
Master ASA (Accredited Senior Agent)