{"id":787702,"date":"2026-05-11T01:10:59","date_gmt":"2026-05-11T01:10:59","guid":{"rendered":"https:\/\/www.europesays.com\/us\/787702\/"},"modified":"2026-05-11T01:10:59","modified_gmt":"2026-05-11T01:10:59","slug":"im-a-financial-advisor-these-are-the-6-biggest-mistakes-people-make-when-planning-for-end-of-life","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/787702\/","title":{"rendered":"I’m a financial advisor. These are the 6 biggest mistakes people make when planning for end-of-life"},"content":{"rendered":"

End-of-life planning can be an emotional process \u2014 and something that many people put off. Though it may be tempting to push end-of-life planning to the bottom of your to-do list, delaying it may lead to a heavy burden for loved ones after you\u2019re gone.<\/p>\n

If you\u2019re still in the process of getting your estate in order, you\u2019re not alone. More than half of Canadians don’t have a will, according to a 2023 survey<\/a> by Angus Reid Institute. But that statistic gets even more interesting when age is factored in: while 71 per cent of Canadians aged 65 and up have an up-to-date will, only 49 per cent of those in the 55 to 64 age bracket do. In the 35 to 44 age bracket, only 23 per cent have an up-to-date will in place. And, among those who did have a will in place, one in eight said their wills were out of date.<\/p>\n

With this in mind, Yahoo Canada spoke to an expert about the biggest mistakes people make when it comes to end-of-life planning, and what Canadians should do instead when it comes to wills, estate planning and more.<\/p>\n

Mistake no. 1: Not making time to create a plan<\/strong><\/p>\n

\u201cEstate planning is a difficult conversation,\u201d said Adam Mamdani, vice president of RBC Insurance. \u201cWe don’t like to think about end-of-life or about planning for your passing. We kind of live for today and in the moment.\u201d<\/p>\n

Of course, not having anything in place is the biggest mistake of all: \u201cNot having a will, not having power of attorneys, not having named beneficiaries, not having an executor, those are the biggest mistakes,\u201d Mamdani said.<\/p>\n

That’s why it\u2019s important to get your ducks in a row when it comes to your estate, your assets and your legacy. \u201cIf you don\u2019t have a plan in place, it’s going to be very difficult for people who have survived you \u2014 it\u2019ll cause a lot of hardship for them” when it comes to end-of-life care, he added.<\/p>\n

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We don’t like to think about end-of-life or about planning for your passing. We kind of live for today and in the moment.<\/p>\n<\/blockquote>\n

Adam Mamdani, vice president of RBC Insurance<\/p>\n

Ideally, Canadians should be proactive and carve out time for end-of-life planning. \u201cIt’s real. It happens to everybody, and you have to set aside the time,\u201d Mamdani said.<\/p>\n

Mistake no. 2: Not planning soon enough<\/strong><\/p>\n

\u201cWe have too many Canadians that are passing away without a will,\u201d said Mamdani. \u201cWe have too many people who have not put plans in place, and it becomes very messy after the fact.\u201d That\u2019s why it\u2019s important to prioritize end-of-life planning as soon as you start accumulating assets or property, or when your life circumstances change, such as when you get married, divorced or have children.<\/p>\n

Creating a will, naming a power of attorney, assigning beneficiaries and organizing your documents are all crucial, Mamdani said, and while you don\u2019t have to do it all at once, it\u2019s important to start. \u201cI always say you’re never too young to plan,\u201d Mamdani said.<\/p>\n

\"chatting<\/p>\n

Regardless of your age, it’s a good idea to update your will and other documents when you get married, divorced or have children. (Getty Images)<\/p>\n

(sturti via Getty Images)Mistake no. 3: Not considering your legacy<\/strong><\/p>\n

End-of-life planning isn\u2019t just about who gets your stuff when you\u2019re gone. It\u2019s also about what kind of legacy you want to leave behind. \u201cYou\u2019ve got to make sure your documents \u2014 will, power of attorney and named beneficiaries \u2014 are considering all your goals,\u201d said Mamdani.<\/p>\n

For example, do you want to set up a charitable part of your estate, or pass down money to your children or grandchildren, nieces or nephews? Whether you\u2019re passing on your estate from one generation to the next, or to a charity, it\u2019s essential to factor in tax planning. \u201cThere are tax implications when an estate moves to that next generation, and you want to make sure that you’ve taken care of that from a tax perspective,\u201d he said.<\/p>\n

Mistake no. 4: Overlooking the administrative burden<\/strong><\/p>\n

When someone passes, the executor of the will is faced with an administrative burden. As the person responsible for carrying out the deceased\u2019s wishes \u2014 including managing and distributing the estate and representing the estate in probate court, among other considerations \u2014 it is an important duty. The executor does not have to be someone you\u2019re related to, and sometimes, it might be better that it\u2019s a third party. \u201cYou may want to consider having an organization or company named executor,\u201d Mamdani said. \u201cThey can help with paperwork, closing off bank accounts, paying off debt, filing last income tax returns [and] maintaining property or assets until they’re sold.\u201d<\/p>\n

Mistake no. 5: Underestimating estate fees<\/strong><\/p>\n

\u201cLook at ways to reduce your estate fees through insurance,\u201d Mamdani said. \u201cLife insurance in particular is a very important planning tool that can be used to help provide tax-free benefits to families so they’re not faced with high tax costs upon passing.\u201d The money that comes from life insurance policies, for example, could be used to pay down debts, assets, maintain properties, or purchase anything your family may need. \u201cIt can be used as an income replacement tool in the event you\u2019re no longer there,\u201d he said.<\/p>\n

\"Cropped<\/p>\n

Look for ways to reduce estate fees \u2014 such as life insurance policies. (Getty Images)<\/p>\n

(d3sign via Getty Images)Mistake no. 6: Not seeking advice from an expert<\/strong><\/p>\n

Planning for the end of your life can be overwhelming \u2014 but you don’t have to do it alone. Mamdani suggests you get advice from an adviser who understands you. \u201cTake the time to interview a couple of advisers \u2013 don’t just pick the one person you’ve spoken to,\u201d he said. \u201cYou have to find someone you trust and who you can work with.\u201d This adviser will have your best interest at heart and help you to navigate your financial affairs. \u201cThese affairs are private, so you should find someone who you\u2019re comfortable with,” he adds.<\/p>\n

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You\u2019ve got to make sure your documents \u2014 will, power of attorney and named beneficiaries \u2014 are considering all your goals.<\/p>\n<\/blockquote>\n

Adam Mamdani<\/p>\n

if you don\u2019t have a plan guided by a person who is well-versed in this area, it can cause issues within your family or problems with your spouse. \u201cA lot of people don’t know where to start if they don’t have a professional by their side,\u201d Mamdani said.<\/p>\n

\u201cI always tell our clients that it’s important to interview two or three financial professionals. Find someone who you think would be the right fit for you, who will gel well with your family, who understands you and your situation, and who you think you can trust long-term.\u201d<\/p>\n

The bottom line<\/p>\n

Wills, estate planning and other end-of-life topics don’t have to be scary. While it may be uncomfortable to think about what things will be like when you’re gone, making sure you have a solid plan in place can help your friends and family avoid issues after you pass on.<\/p>\n

Let us know what you think by <\/strong>emailing us<\/strong><\/a>, commenting below and tweeting @<\/strong>YahooStyleCA<\/strong><\/a>! Follow us on<\/strong> Twitter<\/strong><\/a> and<\/strong> Instagram<\/strong><\/a>.<\/strong><\/p>\n