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To withdraw early or maintain the status quo? That’s the question some retirees face when making a decision on their registered retirement income funds , writes Globe Advisor reporter Deanne Gage.
An aging baby boomer population and longer life expectancies are expected to lead to greater demand for these services and put more pressure on the system, adding to the financial burden for Canadians seeking private LTC services, notes the report from the Toronto Metropolitan University think tank-focused issues affecting Canada’s aging population.
The Globe spoke with Dr. Sinha recently about the NIA report and how it could help ease the financial burden on Canadians later in life.Q: I understand some lawyers will act as professional executors and charge a little less than the trust companies. How would you compare their service as executor to that of a trust company?Like a trust company, some lawyers will accept an appointment to act as a client’s executor.
Comparing the suitability of a lawyer and a trust company may depend on several factors – including fees. Some lawyers have useful expertise in estate administration or corporate law, which can reduce delays and the risk of errors or inefficiencies. Trust companies often have in-house resources such as lawyers and tax professionals who enable them to administer complex estates more easily than a lawyer practising on their own.
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