{"id":1694,"date":"2022-07-18T00:00:00","date_gmt":"2022-07-18T00:00:00","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/newsroom\/2022-07-17\/more-than-half-of-younger-canadians-are-including-charitable-giving-in-wills-rbc-royal-trust-survey\/"},"modified":"2024-05-29T11:27:17","modified_gmt":"2024-05-29T15:27:17","slug":"more-than-half-of-younger-canadians-are-including-charitable-giving-in-wills-rbc-royal-trust-survey","status":"publish","type":"rbcwm_newsroom","link":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/newsroom\/2022-07-18\/more-than-half-of-younger-canadians-are-including-charitable-giving-in-wills-rbc-royal-trust-survey","title":{"rendered":"More than half of younger Canadians are including charitable giving in wills: RBC Royal Trust Survey"},"content":{"rendered":"\n

TORONTO, ON, July 19, 2022<\/strong> – Younger Canadians are more philanthropic when it comes to estate planning and are more likely to give instructions on how their digital assets should be handled after their death according to a recent survey conducted by Ipsos for RBC Royal Trust, one of Canada\u2019s leading firms providing individuals, families and businesses with valuable estate, trust and incapacity services. Among those with a will, more than half (53 per cent) of Canadians ages 18-34, and one quarter of 35-54 year olds, have requested to include charitable giving compared to just 13 per cent of those 55+. <\/p>\n\n\n\n

The survey also reveals that for digitally connected generations with multiple social accounts and online profiles, younger Canadians (ages 18-34, 48 per cent; and ages 35-54, 40 per cent) are more likely to direct their executor on how to handle their digital assets after they die, compared to one in three who are 55+. This can help avoid awkward or even fraudulent situations after someone has passed away. Perhaps unsurprisingly, these younger Canadians are also significantly more likely (ages 18-34, 19 per cent; and ages 35-54, 23 per cent) to prefer facilitating their wills online. <\/p>\n\n\n\n

In addition, the findings show that regardless of recent world events, such as the global pandemic, Canadians have not rushed to create a will. Despite more than half (58 per cent) of Canadians saying they have a good level of estate planning fundamentals, 52 per cent still don\u2019t have a will and that number jumps to 70 per cent of those ages 18-34 and 66 per cent for those 35-54.<\/p>\n\n\n\n

\u201cLosing a loved one is a stressful and emotional time for families but having an up-to-date estate plan that conveys your wishes can relieve that burden and the stress family members experience while winding up a loved one\u2019s estate,\u201d said Leanne Kaufman, President and CEO of RBC Royal Trust. \u201cHowever, this survey shows that over half of Canadians don\u2019t have a will and one quarter don\u2019t know where to start to create their wills. That needs to change. With the right partner, creating a will and estate plan isn\u2019t as difficult as Canadians might think, and will provide a great deal of comfort for them and their families.\u201d<\/p>\n\n\n\n

Power of Attorney for Property \u2013 An Essential Part of Estate Planning<\/h4>\n\n\n\n

An important component of an estate plan is appointing a Power of Attorney (POA) \u2013 a trusted individual with the authority to manage a loved one\u2019s financial affairs should they be unable to do so. There are different types of POA\u2019s and two-thirds of Canadians (66 per cent) understand the difference between a POA for care versus a POA for property. The top reasons for having a POA for property include that their property\/assets are handled appropriately (61 per cent) and that the clarity of their wishes reduces stress on families (52 percent).<\/p>\n\n\n\n

Despite that, only 35 percent of Canadians have appointed a POA for themselves, a quarter of Canadians believe there are no consequences to not having a POA and 23 per cent of Canadians without a POA just don\u2019t know where to start. <\/p>\n\n\n\n

\u201cActing as a POA for property comes with serious obligations. It\u2019s a powerful document and so it\u2019s important to choose someone who will act in your best interests when you\u2019re no longer able to,\u201d said Kaufman. \u201cThese survey results show that Canadians need to seek advice from their estate planner to demystify and educate themselves about wills and POAs. This can help ensure they understand the long-term benefits to having an estate plan without stress, heartache and frustration for them, their families and loved ones.\u201d<\/p>\n\n\n\n

Busting the myths of wills and estate planning<\/h4>\n\n\n\n

Overall, Canadians say having a will is important so their family knows their wishes (68 per cent) and doesn\u2019t fight over their assets (54 per cent), their children\/dependents are taken care of (52 per cent), and to shorten the overall estate settlement process (49 per cent). <\/p>\n\n\n\n

Below are some common misconceptions about wills and estate planning:<\/p>\n\n\n\n