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Talking About Estate Planning

Canadians are not terribly chatty when it comes to touchy subjects, but according to many Certified Financial Planners, estate planning is an expensive topic to avoid.

We all know it can be tough to talk with mom and dad about some subjects. Few issues seem harder to approach than money matters, particularly with regard to estate planning. New research shows that this is a widespread problem among Canadians.

A survey by Decima Research found that nearly half of Canadians under 45 say they have not talked with their parents about their funeral plans or leaving a legacy for young generations in the family. Only 27% of adult Canadians whose parents are still living have met with their parents and siblings to discuss the family estate despite the fact that many respondents recognized that taxes and competing family interests could affect whether they receive a good share of what their parents wish to pass on.

Of course, the best approach to estate planning is a proactive process of discussion that helps bring clarity to all of the important details. The price of avoiding a potentially awkward conversation can be extremely costly.

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• Being the Executor of a Will
• Estate Planning for Baby Boomers