Have short-term realities caused you to re-evaluate your legacy?
Are you Prepared?
While many investors have immediate concerns about how the pandemic has affected their finances, others may be looking towards the horizon with an eye on their estate.
A key discovery from our recent study1 reveals that while Canadians understand the importance of having a will and estate plan, only:
say they’re prepared.
Say they haven’t completed a will or estate plan
Reveal they’ve yet to finalize plans for leaving an inheritance
Indicate they haven’t formalized their philanthropic objectives
Confirm they haven’t expressed their preferences for their end of life
Admit they haven’t prepared a succession plan for their business
These and other key findings on how Canadians are responding to the pandemic suggest that for those looking to secure their legacy, now may be an ideal time to finalize their plans.
Are your heirs in the dark?
While common to defer, a lack of communication between parents and children about estate planning means that many inheritors are in the dark about their financial future and many benefactors risk not having their wishes carried out as intended.
An unexpected illness or an untimely death can accelerate estate decisions, setting the stage for misunderstandings and potential family conflict down the road. Of those surveyed in a previous poll2:
Have not had any estate planning discussions with their heirs
Plan to do so at some point
Indicate they have not introduced heirs to their advisor
To ensure your wishes are fulfilled according to your plan, talk to you heirs about your wealth transfer plans.
Watch the video
Six steps to engaging your heirs when estate planning
Personalized advice for uncertain times
When global events hit home, Canadian investors recognize the value their advisors provide and are managing their financial and family’s futures by seeking personalized advice.
Want to work with an advisor who understands their circumstance1
Report their relationship had a positive impact on achieving financial goals3
Agree that to be more successful in the future, they’ll need financial advice1
More accessible advice for inter-generational wealth planning
The good news is that the pandemic has led many Canadians to adopt new communication technologies. Advisors are responding by connecting virtually with their clients, bringing together entire families whose members live in physically separate locations for in-depth intergenerational conversations.
of investors believe the ability to obtain advice virtually is important
Advice when you need it
If you have questions about planning your legacy, the reduced barriers for accessing expert advice means the answers to your concerns are only a phone call or virtual meeting away. Contact us to start a conversation to see where your opportunities lie.
1The study was conducted August 13 – August 27, 2020, in partnership with Environics Research with results drawn from an online sample of 1,000 Canadian investors with $100,000 or more in investible assets that are 30 years old. 2A total of 400 well qualified respondents across Canada were interviewed using an online methodology during the period October 17 – 22, 2017. Study conducted by Environics Research. 3Based on an IPC survey of 500 investors with over $100,000 in investable assets. Survey conducted by Environics Research Group, April 2019. Investment Planning Counsel Inc. is a fully integrated wealth management company. Counsel Portfolio Services is a wholly-owned subsidiary of Investment Planning Counsel Inc. Trademarks owned by Investment Planning Counsel Inc. and licensed to its subsidiary corporations. Mutual Funds available through IPC Investment Corporation and IPC Securities Corporation. IPC Private Wealth is a division of IPC Securities Corporation. IPC Securities Corporation is a member of the Canadian Investor Protection Fund.