Why Proactive Estate Planning is Essential for You and Your Loved Ones.

When it comes to planning for the future, many Canadians tend to overlook an essential aspect: estate planning. A recent study conducted by IG Wealth Management in collaboration with Pollara Strategic Insights found that 75% of Canadians do not have an estate plan. This alarming statistic highlights the need for urgent action as our population continues to age rapidly. With an estimated one-fifth of Canadians aged +65 years by 2024, it is vital to give all Canadians a solution to become proactive planners. In addition, with information going digital, it’s becoming harder to settle an estate. Beneficiaries and executors need to know where information lives before the inevitable happens.

A Cause for Concern

    • 33% of Canadians fail to update their wills following major life changes, such as buying a home, starting a family, getting married, or experiencing significant health issues.
    • This oversight can have serious consequences, as outdated wills may not accurately reflect your current wishes or provide for your loved ones effectively.
    • By neglecting to update your will there is a risk of leaving behind confusion and potential conflicts (both legal and family) during an already challenging time.

Medical Health Issues

    • Only 24% of Canadians have a plan in place to address the financial expenses related to Alzheimer’s or other forms of dementia.
    • One of the most significant gaps in estate planning is failing to consider the possibility of cognitive decline as we age. Many individuals underestimate the financial costs associated with neurological conditions like Alzheimer’s disease and other forms of dementia. It can be financially devastating for those directly impacted, as well as their families and caregivers.
    • By proactively accounting for potential cognitive impairment within your estate plan, you can help reduce financial risk and alleviate the burden on your loved ones.

Open Communication: An Essential Component

    • Just 21% of Canadians have engaged in detailed discussions with their estate beneficiaries or will executors. Failing to communicate your wishes and intentions to your loved ones can lead to misunderstandings and disputes regarding asset distribution.
    • By fostering open and transparent communication, you can help ensure that your estate is distributed according to your desires and minimize the potential for conflicts that can strain relationships.

The Role of Qualified Financial Advisors

An effective estate plan is multi-faceted, encompassing not only a will but also power of attorney and health care directives. By seeking the guidance of experienced professionals, you can navigate through the complexities of estate planning and create a customized plan that ensures a strategic and tax-efficient transfer of assets.

Incorporating a comprehensive estate component into your overall financial strategy is essential to safeguard your assets and protect your loved ones. This is not a sprint, it’s a marathon that requires regular updates and open communication. Seek the assistance of qualified financial advisors to navigate through the complexities and create a tailored estate plan that reflects your wishes and secures your financial legacy.

How ReadyWhen Can Help

ReadyWhen is more than just a trusted partner in proactive estate management. We are dedicated to providing personalized solutions that empower our clients, financial/wealth planners, and enterprise businesses.

For end users, ReadyWhen offers a comprehensive suite of estate planning services designed to protect your assets, preserve your wealth, and ensure a smooth transition of your estate to your loved ones.

Financial/wealth planners and enterprise businesses also benefit from partnering with ReadyWhen. Our innovative platform is specifically designed to help enhance your ROI, improve generational retention, and navigate the complexities that come with client estate management. By integrating ReadyWhen into your practice, you gain access to cutting-edge tools, dynamic data, and resources that streamline the planning process. Our comprehensive approach allows you to deliver exceptional service, address client concerns about legacy planning, and ensure the smooth transfer of assets when the inevitable happens.

To learn more or to sign up for free go to www.readywhen.com.