March 2017 Archives

Canadians unprepared to assign executors, plan estates

Estate planning can be a complicated and, at times, difficult topic to broach for many Canadians. British Columbia residents are sometimes understandably uncomfortable talking about wills, the designation of executors and/or trustees and all the other elements that make up a comprehensive estate plan. However, a study commissioned by BMO Wealth Management suggests that this results in Canadians being deeply unprepared for late-life planning. 

Inheritance issues could lead to estate litigation

According to a census conducted by Stats Canada, one in eight families is considered "blended", which is to say one or both spouses have children from previous relationships that they have brought into their new marriage. British Columbia residents living in such an arrangement may wish to consider the specifics of how their estate will be disseminated between their new spouse, their biological children and/or step children. It is important to consider their estate plan in advance in order to avoid possible estate litigation farther along the line. 

Assigning trustees helps to protect estates

Planning for late life can be a stressful topic for some people. Many British Columbia residents may feel reticent about planning for their own eventual mortality, often putting off estate planning for a later date. However, some experts suggest that assigning beneficiaries, trustees and establishing a will are all positive steps to take sooner than later in planning for the distribution of an estate. 

Millennials can avoid estate litigation through early planning

It should come as little surprise that many young people do not spend a tremendous amount of time thinking about late-life planning. British Columbia residents who qualify for the "millennial" label tend to think of estate planning as something that can be done later, or something they do not really need to do at all. However, many experts contend that in order to avoid costly errors or even estate litigation when the time comes, it is of significant benefit for young professionals to start estate planning today. 

Lunny Atmore

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