Canada’s ‘single’ largest demographic

A recent article about single Canadians examines the group of people who now make up one-quarter of all households in Canada.

For various reasons, fewer Canadians are marrying, and perhaps it follows that more appear to be choosing to live and remain on their own.

Though the political ramifications are important (our Federal parties apparently tend to ignore singles), so is Estate planning. Planners and other advisors should pay attention to singles, because as this relatively young demographic ages, they will need to plan.

The B.C. rules of intestacy almost force singles to make Wills, because it is debatable if the Parentelic system of intestate (where a person dies without a Will) distribution would satisfy a typical single person.

The first consideration for a single person is who should be their Executor. That can be a tough choice for an aging single person, whose parents may be deceased or otherwise unable to do the job. Siblings may be the first choice, if there are any.

The second consideration, in my opinion, is the Estate distribution. Without children or a spouse, the choice may move to siblings, nieces and nephews, friends or charities.

Regardless, planning is no less important for a single Canadian than for any other.

This ad ran in the Richmond Review on June 19, 2015.