Death and access: It’s the $380,000 question.
That’s what is currently considered to be the median size of an estate to be left behind by the average Canadian. Just over half of us figure we’ll leave a little something behind when we die, and $380,000 is the mid-point in terms of size of estate. But here’s an interesting tidbit – roughly one in three of us have no idea if we’ll leave something for the next generation.
A further problem is that a large number of us have not taken steps to protect that transfer. And the basic step is having a written will.
A professional from CIBC, which completed a survey on the topic, warns that failure to leave a valid will means you have no say in how your affairs are handled. In fact, it might fall to the government to manage it and they have some rules that are not always in line with the wishes of the recently departed which could result in the spouse having to sell the family home or taxes eating up what had been family savings.