Why You Need to Talk To Your Family About Estate Planning
By the Inspired Investor teamDecember 8, 2022
Communicating your wishes to your loved ones helps you take control of your legacy. The conversation can ultimately give you peace of mind and put friends and family at ease knowing what their responsibilities are and how they can honour you.
We’ve all been there: There’s a conversation you know needs to happen eventually, but it gets put off in case it becomes awkward or difficult.
Talking to your family about what will happen to your estate when the time comes is definitely one of those conversations, but it’s also an essential one. If you’ve been avoiding this conversation, you’re not alone, and David Chilton, The Wealthy Barber is here to help.
A recent survey by RBC Royal Trust found that 52 per cent of Canadians still don’t have a Will, and 25 per cent of Canadians don’t know where to start with creating one. Having an up-to-date estate plan that includes your Will is important, but it’s just the first step, and talking to your family about your plan can prevent them from having to face a mountain of strife when it comes to settling your estate.
“That half-hour conversation can save so much stress and time and money down the road,” Chilton says in a recent video produced in collaboration with RBC Royal Trust. Watch below as he and his daughter, Courtney, discuss the importance of creating a Will, and how the benefits of protecting your loved ones with proper estate planning vastly outweigh the difficulties of the conversations around it.
This video is part of the “What you and your family should know about estate planning” video series created in collaboration between RBC Wealth Management Royal Trust and David Chilton, author of best-selling personal finance guides The Wealthy Barber and The Wealthy Barber Returns, and former dragon on CBC’s Dragons’ Den. This series features David Chilton’s daughter, Courtney Chilton. “Leave a legacy, not a burden™.”
RBC Royal Trust and RBC Wealth Management are business segments of the Royal Bank of Canada. Please click this link www.rbc.com/legal for further information on the entities that are member companies of RBC Wealth Management.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.