The Talk

By ievolve | Uncategorized

Feb 15

Family & Finance

Family and money don’t always mix well, but what doesn’t change is the fact that we have two financial guarantees in life, death and taxes.  Those are two topics that can bring out the worst in a family.  These are highly emotional, often misunderstood topics.  Interest levels in finance are changing, people are starting to include their children in their family finances from a young age.

In Canada we have just entered a phase where our senior population outnumbers any other age group in our country.  what does this mean for all of us?  You have heard the term ‘Baby Boomers’, Baby Boomers were born post Second World War between 1946 and 1965 and make up 27% of our population according to a recent article in the globe and mail *.  The Boomers were not raised in a transparent lifestyle, money was often not easily accessible and our country went through major changes and challenges at that time.  Often the subject of dealing with an estate caused great concern and anxiety.

Transparency creates opportunity where finances are involved and removes the unknown that can cause great anxiety.  We are not recommending you shout out your bank balances and incomes from your rooftops, but conversations with trusted family and Advisers can alert you to potential risks in your financial plan, ensure you are regularly evaluating your personal financial situation and cause you to be keenly aware of your money and what it is, or is not doing for you.

When the time comes to deal with an estate a great deal of additional stress about the finances surrounding it can be removed if the exdcutor or survivors have a general understanding of where to start with winding down your financial life.  It will also work to ensure that your final wishes are met.

Understanding the task at hand is an important first step.  Ensure you have completed your wills and accompanying documents.  Manulife has provided a PDF checklist for download to offer an understanding of what is required during these times.

Download it here:  Checklist of Executors Duties
https://repsourcepublic.manulife.com/wps/portal/Repsource/SalesResources/Insurance/TaxEstatePlanning…

https://beta.theglobeandmail.com/globe-investor/retirement/the-boomer-shift-how-canadas-economy-is-headed-for-majorchange/article27159892/?ref=http://www.theglobeandmail.com&service=mobile

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