When requested additional, lower than half are acquainted with many key options:
- Solely 50 p.c are conscious of how the energy of lawyer works
- Forty-seven p.c perceive the position a will performs
- Solely 37 p.c are acquainted with how taxes influence property after demise
- Forty-five p.c recognize the necessary position life insurance coverage can play in defending the worth of 1’s property
- Just one-third of Canadians have an property plan in place (up from 25 p.c a yr in the past)
“Whereas it is encouraging that there is been a rise within the variety of Canadians who report having an property plan, it is nonetheless fairly low,” stated Christine Van Cauwenberghe, head of Monetary Planning, IG Wealth Administration.
“It is also regarding {that a} majority of us are unfamiliar with so lots of the vital items that make one up. It is necessary as a result of ultimately we’ll all must cope with property planning straight as we age or by way of a mother or father or aged relative.”
Cauwenberghe famous {that a} correctly constructed property plan permits for the distribution of property in keeping with a person’s needs, in a tax-efficient method.
“Take, for instance, life insurance coverage. Not solely does it play an necessary position in serving to present monetary safety for one’s household within the occasion of demise, it might additionally assist offset the related prices of a wealth switch, together with probate charges and taxation, to make sure the following era receives an inheritance quantity from the property as meant.”
