Survey: Many Canadian Boomer Wills Need Updating
BMO Financial Group announced the results of a survey yesterday revealing that while the overwhelming majority of Canadian boomers had some basic estate plan in place, almost half of them have not updated them in the last ten years.
The survey conducted by Leger Marketing polled 1002 Canadian boomers – defined as being 45 years of age or older, who hold investible assets (including real estate) worth $500,000 or more.
The survey provides some interesting statistics:
- 85% of Canadian boomers have a will;
- almost 50% of those who had wills had not revisited or updated their wills in 10 years;
- the top reasons Canadian boomers prepared wills were: ensuring their assets are distributed as they wished (36%); avoiding family problems once they have passed away (34%); and protecting and looking after their family (28%);
- those who had updated their wills were motivated to do so for the following reasons: a significant change in wealth (25%); change in a beneficiary’s marital status (21%); a death in the immediate family (11%); and a birth in the immediate family (11%);
- of the 15% of Canadian boomers who did not have a will in place, the main reason cited was lack of time (35%);
- 62% indicated that they had spoken to their children or beneficiaries about the contents in their will;
- 69% of those who had a will also had a power of attorney – of these respondents, 90% indicated that they had a power of attorney for property and 87% indicated that they had a power of attorney for personal care.
Thanks for reading,
Saman M. Jaffery