Dr. Tom Deans, best-selling author and succession planning expert, was guest speaker at the Brant Community Foundation’s 7th annual Community Leaders Breakfast.
“Over the next 20 years, Canadians will have one trillion dollars passed on to them as inheritance. Yet, today, more than 12.5 million Canadian adults don’t have a will.”
Dr. Deans delivered a powerful presentation revealing that many Canadians don’t have a will and exposing the dangers of not talking about your will openly with your family.
“When it comes to wills, we keep this stuff secret. The subject is so emotional, it’s so easy to find one more excuse not to do it.”
Millards Chartered Professional Accountants was a sponsor of the 7th annual Community Leaders Breakfast event that drew a packed house of local business professionals and media.
Deans delivered an impassioned plee to the crowd on the importance and reasons for having an updated will. One of his key points was that a will is not just for the benefit of those we leave behind. A will also defines how we want to be cared for.
“A will is really for us as we live longer and long-term care becomes more expensive. What kind of care are we going to receive from our family? I want my relationships to inform the kind of care I get.”
In Canada, if you die without a will you are considered to have died “intestate.” This leaves the provincial government to decide on the allocation of your assets.
“If you die intestate there is no consideration for local charities. Having a will provides a huge opportunity to leave an impression on your community and family.”
Dr. Deans described the discussion of wills as the “last taboo” and encourages all Canadians to invest in a proper will and to give the subject the due diligence that it deserves.
Dr. Deans has been featured in numerous magazines and journals including Profit, Money Sense, Investment Executive and The New York Times. He is also a frequent guest on CBC, MoneyLine and BNN on succession planning, intergenerational wealth transfers and philanthropic giving. He is the author of the international bestseller, Every Family’s Business, which has sold more than 500,000 copies in 30 countries to date. His latest book, Willing Wisdom, represents a return to his doctoral research conducted in the US, Canada, and the UK.
The 7th annual Community Leaders Breakfast was organized by the Brant Community Foundation, a “charity for charities.” The foundation pools large and small donations that are kept forever as endowed funds and invested. The income income is distributed in the community to other charities.
Since the foundation was founded in 1997 more than $2.25 million in grants have supported many local charities and their programs. This year, more than $300,000 was granted locally.
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