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Saturday, October 20, 2012

Estate plans reflect strength of family

BMO has released an interesting study about wills. It shows that about 60% of people intend to leave their estates to their children. I don't have any hard stats to back up my statement, but I would have said the percentage was higher than that. Click here to read the story from the Financial Post.

A statement in the article that I don't agree with is that it's important to people to leave a legacy and provide for their children. Parents of minor children or handicapped children definitely want to provide for them, but I don't find it to be a goal of those whose children are non-handicapped adults. I rarely hear someone say that they are living frugally in order to build up an estate to pass on to the kids. In fact, I more often hear the opposite - that the kids have had enough financial help already and shouldn't expect an inheritance.

In any event, it's an interesting article and it contains some helpful tips.

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