He is a successful small business owner, financially responsible and smart. But his money is also very private. Even my mother wasn’t sure where his various accounts were held. It took dozens of phone calls, hundreds of emails, and several face-to-face visits to different bank branches to find and manage all accounts.
Thankfully, his final will and will was latest, clear and drafted by a professional real estate lawyer. Solving legacy is a demanding emotional and physical task, but having effective and current things will make it easier for us.
Real estate planning is an easy task for DIY financial planners, but finding willpower (pun) can be difficult to take the first step. Like life insurance, real estate planning is a way to protect and care for loved ones. But it’s hard to face reality, especially when you’re young and feel far away.
If you have no will to die, known as a will to death, your asset allocation will be subject to provincial laws and regulations.
No one wants the government to determine where their assets will go after death. However, less than a third of Canadians say they have a real estate plan and less than half have a will.
If you are a male and your partner is a woman, then she may be ahead of you. About 77% of widowed Canadians are women. This is not surprising, as women tend to surpass men and often marry older men. The average age of a widow is only 56.
There is evidence that the inability to face our mortality is the basis of neuroscience.
Yair Dor-Ziderman, a researcher at Bar Ilan University in Israel, conducted a study with his colleagues and found that: “The brain does not accept death and is related to us. We have this primitive mechanism, meaning that when When the brain gets information that connects self to death, something tells us that it is unreliable, so we shouldn’t believe it.”
