Survey shows many Canadians uncomfortable
with end-of-life discussions
TORONTO, Feb. 6, 2025
/CNW/ - Many Canadians are not completely prepared when it comes to
their later years, according to a recent survey by Scotiatrust®:
Wills and Estate Planning Survey*. Of those surveyed, forty-one
per cent do not have a power of attorney (POA) document that names
someone to manage their finances or other assets if they become
incapacitated, and 47 per cent lack a POA regarding their personal
and medical care.
"As we continue to live longer, and not always in great health,
we could be faced with illness or incapacitation and it's
imperative to be prepared and ensure your wishes are met," said
Rob McGavin, Managing Director,
Scotiatrust. "Having a POA helps to guide your loved ones in the
event something unexpected happens, when they are likely to be in
an emotional state."
Uncomfortable conversations
Sixty-nine per cent
of respondents said that they have an up-to-date will. Of
those who do not have a will, more than half of them (55 per cent)
said they have not created one yet because they have not gotten
around to it. And most respondents haven't talked to their loved
ones about important end-of-life issues:
- Only 33 per cent have discussed where they would like to spend
their final days (home, hospice or hospital).
- 43 per cent haven't discussed aging in place yet with their
children, despite most respondents wanting to live at home in their
final years (77 per cent).
- Less than half (45 per cent) have discussed their preference
for a final resting place (cemetery, mausoleum, ashes scattered,
etc.).
Relationship status
Amongst those surveyed,
there were notable differences in planning based on relationship
status:
- Single people are the most concerned about what will happen to
them in their old age (with 65 per cent expressing worry vs 44 per
cent of couples).
- Most singles (57 per cent) have discussed their final years
living situation with their close friends/relatives, and 38 per
cent have discussed with their advisor.
- Singles have a higher incidence of having both types of POAs
(57 per cent vs 49 per cent for couples) while only one-third of
those separated/divorced have created both documents (34 per
cent).
"Having conversations sooner and being transparent with your
loved ones or advisor will help you manage the estate planning
process and make critical decisions, easier," said McGavin. "You
are giving yourself a voice when you are no longer around or able
to."
Learn more
Read the full whitepaper here.
With a unique team-based approach grounded in research, Scotia
Wealth Management delivers a Total Wealth Plan for clients — an
approach that is evolving to reflect longevity, health and
wellbeing considerations for clients. Learn more
about Scotiatrust and Scotia Wealth Management:
https://www.scotiawealthmanagement.com/ca/en.html.
About Scotiabank
Scotiabank's vision is to be our
clients' most trusted financial partner and deliver sustainable,
profitable growth. Guided by our purpose: "for every future," we
help our clients, their families and their communities achieve
success through a broad range of advice, products and services,
including personal and commercial banking, wealth management and
private banking, corporate and investment banking, and capital
markets. With assets of approximately $1.4
trillion (as at October 31,
2024), Scotiabank is one of the largest banks in
North America by assets, and
trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock
Exchange (NYSE: BNS). For more information, please visit
www.scotiabank.com and follow us on X @Scotiabank.
*Scotiatrust: Wills and Estate Planning Survey reached
Canadians over the age of 50 with at least $500,000 in investable assets.
SOURCE Scotiabank
