wealthprofessional.ca | Industry News
By Freschia Gonzales, February 7th, 2024
Almost half of all Canadians lack estate plans, leaving financial and medical decisions uncertain: Scotiatrust survey reveals gaps in wills and power of attorney documents, leaving key decisions unmade
The survey found that 41 percent of respondents do not have a power of attorney (POA) document to manage their finances or assets in case of incapacitation, and 47 percent lack a POA for personal and medical care. Sixty-nine percent of respondents have an up-to-date will, yet among those without one, 55 percent admitted they had not created one because they had not gotten around to it. Many respondents also have not discussed important end-of-life issues with their loved ones. Only 33 percent have spoken about where they wish to spend their final days, whether at home, in hospice, or in a hospital. Despite 77 percent preferring to remain in their own homes, 43 percent have not discussed aging in place with their children. Less than half, or 45 percent, have shared their preference for a final resting place.
Glen Madore, national director of Sales and Product Strategy at Scotiatrust, emphasized, “My best advice is to make sure you communicate your estate plan to your family while you’re still here.”
Without clear discussions, estate plans may face legal challenges, causing family discord and potential litigation.
As we continue to live longer, and not always in great health, we could be faced with illness or incapacitation and it’s imperative to be prepared and ensure your wishes are met. Having a POA guides loved ones through difficult moments when emotions run high.
Rob McGavin, Managing Director at Scotiatrust
