Is Your Legacy Secure?

The New Years Resolution You Should Keep

As January unfolds and we settle into the rhythm of a new year, many Canadians are focused on fresh starts and resolutions. While gym memberships and healthy eating plans may top the list, there’s one resolution that often gets overlooked: securing your legacy through estate planning. You might be surprised to learn that most Canadians don’t have a will, let alone a comprehensive plan for their future.

With February just around the corner, now is the perfect time to prioritize this essential aspect of your financial well-being. Taking the time to secure your legacy provides invaluable peace of mind.

This isn’t just about the wealthy or the elderly. Regardless of your age or net worth, estate planning is a crucial step in protecting your loved ones and ensuring your wishes are honored. At Assante Hydrostone, we believe everyone deserves the peace of mind that comes with a well-structured estate plan.

Let’s delve into the often-overlooked reality of estate planning in Canada:

The Sobering Statistics:

• A staggering 70% of Canadians don’t have a will, leaving their loved ones vulnerable to legal complexities and potential family conflicts.
• Even among those planning for retirement, only 24% have a strategy in place for how their assets will be distributed after they’re gone. This can lead to delays, disputes, and unintended consequences when settling an estate.
• Worryingly, less than 40% of retirees have made provisions for final expenses, potentially leaving their families with unexpected financial burdens during an already difficult time.

Why These Numbers Matter

These statistics highlight a critical gap in financial planning. Regardless of your age or net worth, having a plan in place is essential to:

• Protect Your Loved Ones: Ensure your assets are distributed according to your wishes, minimizing potential family conflicts and providing financial security.
• Respect Your Wishes: A comprehensive plan, including a will and healthcare directives, allows you to express your desires regarding your assets, medical care, and end-of-life decisions.
• Minimize Taxes: Strategic estate planning can help reduce the tax burden on your estate, maximizing the inheritance you leave behind.
• Support Your Legacy: Ensure your wealth is used to support the causes and people you care about, leaving a lasting impact on the world.

What Happens Without a Will in Nova Scotia?

In Nova Scotia, dying without a will (intestacy) means the province’s Intestate Succession Act dictates how your assets are divided. This can lead to:

• Unintended Consequences: Your assets may not go to your intended recipients. For instance, common-law partners aren’t automatically recognized, and your possessions could pass to distant relatives instead.
• Family Disputes: Without clear instructions, disagreements can arise among family members, leading to costly legal battles and fractured relationships.
• Delays and Expenses: Probate becomes more complex and expensive without a will, adding stress during an already difficult time.

Key Elements of Estate Planning in Canada:

• Wills: A legally binding document outlining the distribution of your assets.
• Trusts: A legal arrangement allowing a trustee to hold and manage assets for beneficiaries.
• Power of Attorney: Authorizes someone to manage your financial affairs if you become incapacitated.
• Healthcare Directives: Outlines your wishes for medical treatment if you can’t communicate them yourself.
• Probate Planning: Strategies to minimize probate fees and streamline the estate settlement process.

Take Action Today:

Don’t become a statistic. Contact Assante Hydrostone today. Our experienced advisors will work with you to develop a personalized estate plan that aligns with Canadian laws and regulations, providing peace of mind and securing your legacy for generations to come.

(Sources: The National Institute on Aging (NIA) in collaboration with RBC Royal Trust, 2022; RBC Insurance, 2023)