A recent study conducted by IG Wealth Management revealed that only one-quarter of Canadians have an estate plan in place. This lack of preparation is concerning for a few reasons. Without a plan, there is a risk that your legacy could be distributed based on generic legal guidelines rather than reflecting your preferences, which can lead to unnecessary family disputes. Additionally, you can miss the chance to appoint guardians for minor children, ensuring their well-being in the event of unforeseen circumstances. If those reasons aren’t compelling enough, having an estate plan can significantly reduce the stress and time for your loved ones when it comes time to settle your estate.
As Canada’s population ages, the need for comprehensive estate planning is critical. A recent report from Statistics Canada predicts that by 2024 one in five Canadians will be 65 years or older. With age comes an increased risk of many health issues, including neurological conditions such as Alzheimer’s and Dementia, which can have a significant impact on one’s financial well-being. While these issues may seem distant if you’re still focused on your kids and your mortgage, preparing for the demands of old age should start now. It’s common for people to underestimate the burden associated with illnesses.
At this point, you might be wondering how you can start your estate planning journey. This is where ReadyWhen can help to make the process easier. ReadyWhen is a highly user-friendly platform, built with military-grade security and designed to help Canadians create comprehensive estate plans with ease. It provides access to a wealth of resources and tools that simplify the processes, offering a simple, secure, and fast way to proactively build and store your life plan. What’s more, it keeps you on track by sending timely reminders to update your plans, helping to protect your legacy and family because life is unpredictable. Be ReadyWhen.
Join ReadyWhen for free today. Sign up at www.readywhen.com.
More details about the topic can be found in this article by The Star.