Many Canadians are not completely prepared when it comes to their later years, according to a recent survey by Scotiatrust®: Wills and Estate Planning Survey*. Of those surveyed, forty-one per cent do not have a power of attorney (POA) document that names someone to manage their finances or other assets if they become incapacitated, and 47 per cent lack a POA regarding their personal and medical care.

"As we continue to live longer, and not always in great health, we could be faced with illness or incapacitation and it's imperative to be prepared and ensure your wishes are met," said Rob McGavin, Managing Director, Scotiatrust. "Having a POA helps to guide your loved ones in the event something unexpected happens, when they are likely to be in an emotional state."

Uncomfortable conversations 
Sixty-nine per cent of respondents said that they have an up-to-date will.  Of those who do not have a will, more than half of them (55 per cent) said they have not created one yet because they have not gotten around to it. And most respondents haven't talked to their loved ones about important end-of-life issues:

• Only 33 per cent have discussed where they would like to spend their final days (home, hospice or hospital).
• 43 per cent haven't discussed aging in place yet with their children, despite most respondents wanting to live at home in their final years (77 per cent).
• Less than half (45 per cent) have discussed their preference for a final resting place (cemetery, mausoleum, ashes scattered, etc.).

Relationship status 
Amongst those surveyed, there were notable differences in planning based on relationship status:

• Single people are the most concerned about what will happen to them in their old age (with 65 per cent expressing worry vs 44 per cent of couples).
• Most singles (57 per cent) have discussed their final years living situation with their close friends/relatives, and 38 per cent have discussed with their advisor.
• Singles have a higher incidence of having both types of POAs (57 per cent vs 49 per cent for couples) while only one-third of those separated/divorced have created both documents (34 per cent).

"Having conversations sooner and being transparent with your loved ones or advisor will help you manage the estate planning process and make critical decisions, easier," said McGavin. "You are giving yourself a voice when you are no longer around or able to."