Regardless of these intentions, solely 15 % of Canadians have a plan for a way their property can be transferred to family members, rising barely to 24 % amongst retirees.
Moreover, lower than 38 % of retirees have life insurance coverage or funds put aside for remaining bills. Retirees are additionally much less doubtless to be told about insurance coverage merchandise that would assist obtain these targets.
Selene Soo, director of Product Administration at RBC Insurance coverage, acknowledged, “We regularly hear individuals say, ‘I had no thought how exhausting it might be,’” referring to the method of managing a cherished one’s property. She added, “If I had recognized, I’d have helped to put together their funds otherwise.”
The survey underscores the significance of early conversations {and professional} steering to alleviate stress and cut back administrative burdens for households.
RBC Insurance coverage recommends a number of methods to deal with these challenges: