David Chilton's guidance on Wills, powers of attorney hasn't changed
This video is part of the Estate planning: What’s changed and what hasn’t video series created in collaboration between RBC Wealth Management Royal Trust and David Chilton. Chilton is the author of best-selling personal finance guides The Wealthy Barber and The Wealthy Barber Returns, and former dragon on CBC’s Dragons’ Den. Leave a legacy, not a burden™
“I absolutely practice what I preach. Not only is having a Will the right thing to do for your family, but also, I found that drafting one jump-started my financial-planning process. I thought more about my future. The importance of savings, etc.”
PR agent voice:
Nice suit, Crockett. And thanks for coming. Quickly, tell us your name, age and today’s date for our files we create here at the PR agency.
David Chilton:
I’m a little nervous. I’m Dave Chilton. I am 27 and it’s November 2nd, 1988.
You look much older.
Oh, uh it’s…it’s probably the lighting in here.
What’s this project about? Why do you need our services?
I’m writing a book right now called The Wealthy Barber.
Ah, intriguing title. International espionage like John Le Carré. Love it!
Uh, no, no…umm, unfortunately, it’s a little more straight forward: it’s a how-to book.
On hair care?
No, but I can see why you’d think that. It’s a book that teaches the basics of personal finance through the voice of a wise barber while he cuts younger adults’ hair.
Sounds kind of weird.
Yeah, I actually I thought that, too, when I said that to be honest. But by using a novel format I think it will make the subject way more exciting.
Yeah, sounds like a real page-turner. What kind of topics do you talk about in The Happy Baker?
No, it’s, it’s called The Happy…whatever. Well, for example, there’s a lengthy section on estate planning.
Wow, I’m sure it’s riveting. Do younger people even need Wills? Do they have to worry about that stuff yet?
Oh, for sure! I mean accidents happen, sadly. It’s very important to get a Will in early adulthood and to update it every few years when needed.
Does the butcher push that?
No, it’s a, it’s a barber and yes he did.
Do you follow that advice?
I absolutely practice what I preach. Not only is having a Will the right thing to do for your family, but also, I found that drafting one jump-started my financial-planning process. I thought more about my future. The importance of savings, etc. I’m passionate about things like RRSPs and forced savings.
Do you have any friends?
Yes, why…why?
Just curious.
You know I also have powers of attorney in place. So important. Accidents happen. I don’t want to put my family in a challenging position if I’m incapacitated. I keep them with my Will and an up-to-date net-worth statement.
And another important thing—
Sorry, we have to cut you off there, Dave. Hard when this is such fascinating stuff you’re sharing. I’m sure the media will eat it up, but I’m not feeling we’re the right agency for you.
Oh darn, can you refer to me another one?
No.
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RBC Wealth Management is a business segment of Royal Bank of Canada. Please click the “Legal” link at the bottom of this page for further information on the entities that are member companies of RBC Wealth Management. The content in this publication is provided for general information only and is not intended to provide any advice or endorse/recommend the content contained in the publication.
® / ™ Trademark(s) of Royal Bank of Canada. Used under licence. © Royal Bank of Canada 2024. All rights reserved.
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