Did you know that estate-related litigation accounted for 9.5% of all civil court cases in Canada in 2020 and that the trend is upward? [1]
Did you also know that 50% of Canadians do not have a valid will?
In this context, establishing a good estate plan becomes very important, regardless of the type of client. As an advisor, you can play a pivotal role in this process. Find out how to educate your client... or their parents!
Dealing with objections
Common objections to the idea of having to do an estate plan include the following:
- A lack of interest in the topic: "it's all so far away"
- They don't want to engage in this kind of flat, morbid discussion
- Although a will is only one piece of the puzzle, they think the cost is too high
- They say they don't have enough assets to make it worthwhile
- They believe the family will take care of it since all the inheritance is theirs anyway (which may not be true!)
- They put it off, sometimes forever
In addressing these objections, you might ask, for example:
“Do you want your assets to be distributed as you planned?”
“Yes, of course!”
“Did you know that if you die without a will, the law decides to whom and in what proportions your assets will be distributed?
“Uh, no I did not know that.”
“Since you have two children from a previous union, do you foresee a conflict between your spouse and your children after your death?”
“That's a good question..., yes, maybe, come to think of it.”
These are just a few examples of arguments and responses you may face in your efforts to establish a good estate plan that will give your client and their loved ones, peace of mind.
Everyone over the age of majority should take advantage of this type of planning, regardless of the value of their assets, their social status, or their family situation.
Demonstrate this with the Estate Planning - Becoming a resource person (F13-706A) brochure, which includes a questionnaire that you can give to your client to start the discussion!
Learn more about the role you can play
- Do you know your parents' wishes? (F13-1043A)
- Advice Zone: Estate planning: when to bring it up?
- The Successor Annuitant Designation presentation
[1] According to Statistics Canada, 10.3% more general civil cases since 2016, by type of action, in Canada and selected provinces and territories.
