More than half of Canadians feel that having a lack of early and ongoing estate planning discussions can lead to serious conflict after the death of a loved one, according to a BMO study released July 31.
According to What are you leaving behind: Family conflict or a memorable legacy?, 54% of Canadians feel a lack of a detailed plan can lead to considerable family strife. This detailed plan would go beyond the traditional estate-planning aspects of estate administration and tax and legal considerations and would include in-depth discussions about the emotional impacts.
“The death of a loved one can be stressful for all concerned, and the anxiety can be exacerbated by a lack of understanding of the deceased’s wishes regarding financial and personal assets,” said Amy D’Aprix, BMO Financial Group life transition expert.
“Hurt feelings and damaged family relationships can be avoided by having the necessary estate conversations with family members and other intended beneficiaries while you’re alive and well.”
The study recommends that plans include:
- meeting as a family to give beneficiaries an idea of what the plan is;
- establishing or updating wills and powers of attorney;
- getting insurance to provide a financial safety net to replace lost income and pay off debts or final expenses and taxes; and
- appointing an executor.
