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Originally Posted by CliffFletcher
Yes, some people don’t know if they’re in the will. Or are alienated from their parents and family. But intergenerational bonds have been getting stronger in recent decades, and more people are privy to the wishes and financial status of their parents. Most first-time homebuyers in Canada today get substantial help from parents - often to the tune of over $100k. Living wills and living inheritances are increasingly common. Adult children today often have to step in to care for aging parents, including doing taxes, taking over management of finances, and moving in as live-in carers. Much of that $1 trillion transfer is being deliberately managed.
Both sets or our parents sat down with us years ago and outlined their wills and finances, so there would be no surprises. Of course there’s a lot of uncertainty in how long people live, and how much of a nest egg may be consumed by health care and assisted living. But in families that are open about finances, there shouldn’t be surprises like undisclosed borrowing against the value of a home.
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Just semantics- Living Wills and Living Inheritances I would say are more American tools. Here, we would call them trusts. A Living Will in Alberta is what we used to call a Personal Directive (health and medical matters). Trusts like this are less common in Alberta where there is no inheritance tax and low probate fees. Could be a good tool for the very wealthy.