Poll finds about half of Canadians aged 55 to 64 still have a document ready to go. Without a properly prepared will, there’s no guarantee your wealth will end up where you intend
With will kits available on Amazon for the meagre price of $35, writing down your dying wishes might seem like a rainy day, do-it-yourself project. But experts say the less time and money spent on a will by the deceased, the more the living will end up paying for it.
This shortfall is particularly poignant amidst the great wealth transfer. According to the Chartered Professional Accountants of Canada, it’s expected to be the largest generational wealth transfer in Canadian history, moving $1-trillion from Baby Boomers to their Gen X and Millenial heirsWithout a properly prepared will, there’s no guarantee a person’s wealth will end up where they intended.
Probate fees, an estate administration tax paid to the government, also vary across the country. Alberta has a nominal probate fee of less than $600, Ms. Shawlee said, while B.C. and Ontario calculate the fees as a percentage of the estate. they may have to disclose the bank accounts they then control, by way of being executor, to the Internal Revenue Service.
“You should not hear about this for the first time when some random lawyer rings you up and says, ‘Hey, guess what you have the honour of doing?’” she said.
Adveditorial Appwebview Executor Will Province Person Half Estate Money Document Baby Boomers States Alberta
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