Lessons from Canada on Dodging Will Disputes

More than half of Canadians know that not talking about estate planning could result in potential conflict among family members after the death of a loved one. According to a report from BMO Wealth Institute, Canadians list conflict (54%), unpleasant surprises (37%) and financial or taxation issues (33%) as the pitfalls to avoiding the legacy conversation.

Our friends in the Great White North of Canada have much in common with those of us in the US—waiting until it's too late to talk about the will. This can create conflicts and hard feelings. It seems no one in North America (at least the northern two-thirds) likes to sit down and have an in-depth discussion about a loved one's passing, estate, and bequests.

The Financial Post in Toronto recently published an aptly titled article, "Five ways to avoid a family blowout after you’ve died". This article sets out five ways to "avoid a Dynasty¬-worthy brawl over your estate."

Before getting to those five ways, however, remember that communication is key. Be sure to clearly explain what you want to accomplish in your estate plan. Even if your beneficiaries don't agree, at least they’ll have a better understanding of your intentions.

While you are communicating the big picture, it's important to lay out the particulars. Don’t forget your personal assets, your executor, power of attorney, and the reasoning behind your choices. With that done, you can concentrate on the article's five steps:

1. Reflect
2. Meet as a family
3. Update your will and powers of attorney
4. Get insured
5. Appoint an executor

No one wants to leave their estate to family and have it create disputes. Take some Canadian advice and explain why your daughter gets the snow boots, then speak with an estate planning attorney today.

If you’d like to talk with an Estate Planning attorney, visit www.elderlawannarbor.com.

Reference: Financial Post (March 22, 2014) "Five ways to avoid a family blowout after you’ve died"