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Many Canadians aged 65 or older want to leave as much of their estate as possible to their family or charitable causes, but only 40% feel “very well prepared” when it comes to making sure that will happen. Worse, says a TD survey, more than a third don’t take regular steps to keep their estate plans up to date.

Read: Preparing finances for death

Twenty-five percent of respondents have concerns their estate will pay too much in taxes or their heirs will disagree about their decisions or squander the inheritance.

Most people understand they should have a will that directs how their estate will be distributed, says Jillian Bryan, an investment advisor and portfolio manager with TD Wealth Private Investment Advice. But many still don’t have a valid will in place, often finding it a difficult topic to address.

Read: Advisors must help clients plan their deaths

The survey also found that those who have discussed their estate plans with their families are much more likely to feel well prepared and to have no concerns about what will happen to their estate than people who have not.

Also read:

3 estate planning mistakes

What not to do in estate planning

Divorce delays retirement plans

Be prudent about trusts

Originally published on Advisor.ca

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