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Include the kids while estate planning later in life

Most children probably believe that mom and dad will always be there. As people age, however, they come to understand and accept that all things come to an end in time. Part of being an adult in Ontario should include preparing for the day when one is no longer around. Some financial experts believe children and other heirs should be included in the estate planning process.

A survey conducted by BMO Financial Group shows that 32 percent of Canadians intend to pass their assets on to their spouse and children. However, 40 percent said they had not discussed their intentions with their kids regarding this matter. A director at BMO recommends talking to one's family to ensure they are on board with the plans being made. This could save a lot of trouble when it comes time to execute one's will.

Further recommendations include making sure one's will is up-to-date. Family dynamics change over time, and what may once have been appropriate instructions might not make sense for the current situation. For example, if more children or grandchildren have been born or adopted into the family, it may be necessary to amend one's will to be more inclusive.

Another piece of advice offered is to work with a legal professional for all matters of estate planning. A lawyer who deals with Ontario estate law on a routine basis has the knowledge required to help a man or woman devise a will that best suits his or her needs and those of the family. Time spent crafting a solid will may pay dividends for those a person loves most.

Source: finance.yahoo.com, "BMO Wealth Management Report: Canadians Ill-Prepared For Estate Planning With Complex Family Dynamics", March 27, 2017

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