Quirky bequests: a survey reveals Canadians' odd inheritances match those in the UK
By Law News
Canadians, like UK residents, leave quirky items in wills, such as treasure maps and vampire statues
A treasure map, a vampire statue, and Paul Newman's used toothbrush are just some of the quirky items found in Canadian wills, according to a recent survey conducted by Danebury Research for Estatesearch. This study, which surveyed 2,000 Canadian residents, highlights the unusual items bequeathed, echoing a similar survey conducted in the UK where respondents reported inheriting items like a tortoise, a Victorian trumpet, and even "my granny’s false teeth."
Jonathan Upton, Director of Estatesearch, noted that these whimsical findings underscore the broader challenges in estate planning. The survey revealed that a significant number of Canadians struggle to locate key financial documents, such as workplace pensions and life insurance policies. Similar issues were found in the UK, indicating a widespread need for better estate planning and asset management practices.
In Canada, 29% of respondents were unsure of the whereabouts of their workplace pensions, and 26% had not informed their next of kin about their life insurance details. Despite half of the respondents having a will, only a small percentage had up-to-date documents, mirroring the situation in the UK.
Additional findings include:
- 21% of Canadians cannot easily locate registered savings and investment plans.
- 38% are unsure of the whereabouts of shareholder certificates or bonds.
- 25% cannot find their life insurance policies.
- Residents of Quebec and British Columbia are more likely to have a will compared to those in Alberta.
- Younger individuals are less likely to have an updated will.
Gender disparities were also noted, with more men than women having a will. Digital assets are another area of concern, as over half of those with such assets had not considered them in their estate planning.
Estatesearch’s new services in Canada aim to address these issues by helping legal firms locate and manage estate assets more efficiently. The company’s efforts also focus on raising awareness and facilitating industry-wide conversations to improve outcomes for families and executors dealing with the complexities of estate management.