LexisNexis

LexisNexis

November 10, 2005 06:59 ET

Recipe for a family feud - Survey Results

Survey says almost half of Canadians have no will and haven't discussed their final wishes: Greatest generational wealth transfer in history could also be the messiest Attention: Assignment Editor, Business/Financial Editor, Lifestyle Editor, News Editor, Tech/Telecomm Editor TORONTO, ONTARIO--(CCNMatthews - Nov. 10, 2005) - Canadian baby boomers may be on the receiving end of the greatest transfer of wealth in human history, from their parents' generation to them, but according to a new survey by lawyers.comSM, this apparent windfall could be the source of enormous family conflict and heartache.

The Ipsos Reid survey conducted for lawyers.com, a free web-based resource from LexisNexis Canada that helps consumers find legal resources and information, reveals that barely half of Canadians (54 per cent) have a will that describes how they want their possessions distributed.

The survey also found that almost half of Canadians (47 per cent) say they have never had a detailed discussion with family about their final wishes and how they want them handled.

"Nobody enjoys thinking about their death, but it's shocking that so many Canadian families are unprepared for the transfer of wealth from one generation to another, or even to respect the final wishes of a beloved family member," said Jacqueline Connor, a lawyer practising with Carter and Associates in the area of wills and estate planning, and a consultant to lawyers.com. "There couldn't be a worse time for a family to try to deal with these issues than while they are grieving. Emotions are running very high, which is a recipe for severe family conflict."

Based on current demographics, this is a conflict that a lot of families are facing or will face soon. Boston College's Center on Wealth and Philanthropy estimates that, in the United States alone, baby boomers and their parents will transfer wealth and other assets worth at least US$41 trillion dollars to family members and charities over the next 47 years.

"Talking about money, inheritance and legacy is one of the last family taboos," said Connor. "The younger generation is afraid to appear greedy and the older generation is afraid to upset their children, but creating a clear plan is the kindest thing a family can do for itself."

Lawyers.com is a free resource for consumers to find the legal help they need, with the experience they need, where and when they need it. By providing consumers with a detailed, easily searchable directory of lawyers that includes their areas of specialty, how long they have been practising, and the size of their firm, lawyers.com enables Canadians to make informed personal legal choices and identify high-quality legal representation.

Methodology
These are the findings of an Ipsos Reid/LexisNexis poll conducted on behalf of lawyers.com from October 4 to October 6, 2005. For the survey, a representative, randomly selected sample of 1,000 adult Canadians was interviewed by telephone. With a sample of this size, the results are considered accurate to within ±3 percentage points at a confidence interval of 95 per cent. The margin of error will be larger within regions and for other sub-groupings of the survey population. To view the survey factum, please visit www.ipsos-na.com/news.

About LexisNexis
LexisNexis® (www.lexisnexis.com) is a leader in comprehensive and authoritative legal, news, and business information and tailored applications. A member of Reed Elsevier Group plc [NYSE: ENL; NYSE: RUK] (www.reedelsevier.com), the company does business in 100 countries with 13,000 employees worldwide. In addition to its flagship web-based Lexis® and Nexis® research services, the company includes some of the world's most respected legal publishers such as Martindale-Hubbell, Matthew Bender, Butterworths, JurisClasseur, Abeledo-Perrot, and Orac.

LexisNexis Canada Inc. (www.lexisnexis.ca) provides legal and corporate researchers with comprehensive and authoritative online and print information services and solutions, including the LexisNexis® Quicklaw™ online research service for Canadian legal information; LexisNexis® Butterworths print and CD ROM titles and newspapers for legal, accounting, and other professionals; the LexisNexis® Total Research System for global online legal, news, and business information; and solutions that serve the needs of law firms and organizations in practice management, client development, and litigation services.

Contact:
Jeff Lanthier
Ketchum Public Relations Canada
(416) 544-4917
jeff.lanthier@ketchum.com

/For further information: Media Contact:
Jeff Lanthier
Ketchum Public Relations Canada
(416) 544-4917
jeff.lanthier@ketchum.com
/ IN: ECONOMY, JUSTICE, MEDIA, TECHNOLOGY, OTHER

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