Did you know that over 50% of Canadians do not have a will?* Why? Some don’t know how to get started while others believe they can’t afford it.
Do your clients have a will in place? Is it up-to-date? Help your clients understand the importance of having a will. A will is an important part of their overall plan and without one, assets would be distributed as per provincial intestate legislation. This process takes time, can increase costs, and probably will not match their wishes for their estate. A will is needed in most cases – anyone with assets and/or wishing to give direction for the distribution of assets upon death.
Encourage your clients to get started by recommending a lawyer you have worked with. You can even arrange the meeting and provide a list of information that the lawyer will need to create the will. After their meeting with the lawyer, you could offer to be a sounding board for any questions or concerns they may have.
If your clients have concerns about the financial aspect of their estate distribution, discuss how insurance can help to ensure their desires are met. For example, your client may have a cottage to give one child and may want to give their other child an equal share to make it equitable. An insurance solution may be a suitable recommendation depending on the situation.
By being involved in the process and having a copy of the will, you can help ensure all their financial documents align with their wishes in the will. Ask your clients, not only if they have a will but, if they have an up-to-date will. Making this a part of your client conversations reinforces that you are a trusted advisor and helps you strengthen your relationship with them.
Angus Reid Institute. Lacking the Will: Half of Canadians say they don’t have a last will and testament, including one-in-five aged 55+ AngusReid.org. March 7, 2023.
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