According to the recent Scotiatrust: Wills and Estate Planning Survey, 41% of Canadians don’t have a power of attorney document that names someone to manage their finances or other assets if they become incapacitated. What’s more, 47% lack a power of attorney regarding their personal and medical care.
"As we continue to live longer, and not always in great health, we could be faced with illness or incapacitation, and it’s imperative to be prepared and ensure your wishes are met," Rob McGavin, Scotiatrust’s managing director, said in a statement.
"Having a power of attorney helps to guide your loved ones in the event something unexpected happens, when they are likely to be in an emotional state."
On the plus side, 90% of respondents do have a will, although only 69% say theirs is up to date.
Saving uncomfortable conversations for the end
Of those who don’t have a will, more than half of them (55%) said they have not created one yet because they have not gotten around to it. Shockingly, most respondents haven’t talked to their loved ones about important end-of-life issues.
In addition, only 33% have discussed where they would like to spend their final days, whether that is at home, in a hospice or hospital. Another 43% haven’t discussed aging in place yet with their children, despite most respondents wanting to live at home in their final years (77%).
Meanwhile, less than half (45%) have discussed their preference for a final resting place, whether that be a cemetery, mausoleum, cremation or something else.
A different sort of relationship
Single people are the most concerned about what will happen to them in their old age with, 65% expressing worry compared to 44% of couples.
Most singles (57%) have discussed their final years’ living situation with their close friends and/or relatives, while 38% have discussed this subject with their financial advisor.
Singles have a higher incidence of having both types of power of attorney (57% vs 49% for couples), while only 34% of those separated or divorced have created both documents.
"Having conversations sooner and being transparent with your loved ones or advisor will help you manage the estate planning process and make critical decisions, easier," McGavin said.
"You are giving yourself a voice when you are no longer around or able to."
Survey methodology
The survey was taken in March 2024. It consisted of 601 Canadians aged 50 and up with at least $500,000 in investable assets.
This article Putting off “the uncomfortable talk” — Many Canadians are avoiding discussing their final years
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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