Gifting what matters on Mother's Day
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It's that time of year again when mothers everywhere are often showered with gifts of gratitude like flowers, chocolate, or breakfast in bed. For mothers, it's a rare respite from managing their careers, coordinating children's schedules, and trying to find quality time with one's spouse. But as our mothers age and we outgrow serving burnt bacon on a breakfast tray or making a card out of pink paper and crayon, there comes a new gift of appreciation we can provide. And this one can last a lifetime -- financial peace of mind.
With women in Canada having a longer life expectancy than their male spouses1 and 80% of women passing away single2, many mothers are likely left to organize their estate and make financial decisions alone. So, this Mother's Day, why not help alleviate that stress? To help mothers avoid sleepless nights thinking about the future, here are a few steps you can encourage them to take:
- Regularly review investments and insurances: Life changing events can happen every day. Encouraging a review of their financial plan on a regular basis is essential for keeping their investments and insurances aligned with their financial goals.
- Prepare a Will and Executor: Without a Will, assets may be divided by provincial law which may not align with how they would have wished. Having a Will can provide the satisfaction that their family is protected as intended.
- Assign a Power of Attorney. There may come a time when making financial decisions is no longer within their capabilities. If that be the case, it can be reassuring for them to know that their finances will be handled by a trusted party.
Living each day with the knowledge that their family and assets are properly protected can lift a tremendous weight that would likely only grow heavier over time. And while providing support and encouragement where needed is vital, it's also important to remain compassionate because at the end of the day, it's hard to think about planning for a life we will no longer be in. But as mothers often told us growing up: sometimes the hardest things in life are the most worth doing.
At TD, we believe it's important to have these conversations. And we want to start right at home. Listen to Part 1 and Part 2 of Suddenly Single, a special TD Wealth for Women speakers series hosted by Ingrid Macintosh, VP, TD Wealth and Head of Sales Enablement, Content Marketing & Communications, Data Analytics and Digital Strategy, TD Asset Management Inc. (TDAM), and featuring Laura Barclay, Senior Portfolio Manager, TD Wealth Private Investment Counsel, and Kathryn Delgreco, Senior Investment Advisor, TD Wealth Private Investment Advice. Together they discuss the challenges women face when life requires them to assume responsibility of their finances and the key role a wealth advisor plays in this transition.
TD is committed to providing support and opportunities to women as valued colleagues, clients and communities. To learn more about how TD is supporting women throughout Canada, please visit the TD Wealth for Women page.
For more information on estate planning advice, please contact your investment professional.
1 Statistics Canada. Table 13-10-0114-01 Life expectancy and other elements of the complete life table, three-year estimates, Canada, all provinces. As of December 31, 2020. Release date: January 24, 2022.
2 Malito, Alessandra, MarketWatch. Young, married women should learn this skill – and we don't mean cooking. July 2017.
The information contained herein has been provided by TD Asset Management Inc. and is for information purposes only. The information has been drawn from sources believed to be reliable. The information does not provide financial, legal, tax or investment advice. Particular investment, tax, or trading strategies should be evaluated relative to each individual's objectives and risk tolerance.
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