How is estate planning different in today’s culture? The biggest difference is the divorce rate in Canada. Although 38 percent of marriages in Canada end in divorce before the thirtieth wedding anniversary, nearly half of these divorcees will get remarried. Many of these new marriages consist of two previously divorced partners. Along with common-law partnerships, these marriages can present many challenges to estate planners. One of the main challenges is that partners in these second marriages, third marriages or common-law relationships have children from previous relationships. In this case, “leaving everything to the kids” can have a different meaning to each partner.
To reduce the amount of stress placed on your family and your partner, Canadians should update their estate planning with each new relationship. Although some people prefer not to have discussions of this nature, it’s important for families that estates are clearly laid out. Making agreements ahead of time can also help people keep their estates organized. For example, if they plan on giving specific assets to their spouse or children, these assets can be divided in the will in advance.
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Vogel LLP is a Calgary based law firm with expertise in Personal Injury, Family Law, and Estate Litigation. The lawyers at Vogel LLP are united by the common goal of delivering successful legal solutions to clients. Vogel LLP lawyers strive to solve their client’s problems in the most timely and effective way in accordance with the highest standards of practice and ethical conduct.