“The last thing you want is for your cottage, a place of great memories, a true family treasure, to end up being a wedge that drives your family apart.”
This video is part of a three-part myth busting series aimed to dispel common estate planning beliefs many Canadians have. The series is produced 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. #TrustRoyalTrust
Myth: My children are mature, caring people who will figure out a fair-to-all approach to sharing the cottage when I’m gone that perfectly preserves family harmony.
Fact: It’s incredible how challenging it is to make everyone happy, or even somewhat happy, or even not bitter, when passing on a cottage to multiple beneficiaries.
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“I don’t want to be an executor. Too much work. Too much stress. Too much potential liability.”
"If you're named executor, please get professionals involved. I don't mean psychiatrists, though that may be a good move, too."