Mental or personality disorders can obviously be very difficult to live with: it can make consistent employment difficult, financial independence a struggle, and the social and emotional impact lifelong. People with mental disorders can be impulsive with money, difficulty managing a budget, and trouble maintaining whatever money you do come across. This can all further impact estate planning. Estate planning typically involves creating a number of legal documents, such as a Last Will and Testament, trusts, powers of attorney, and healthcare directives, but Estate planning is also the process of organizing and managing your assets during your lifetime and determining how they will be distributed after your death. It involves making decisions about things like who will inherit your assets, who will manage your affairs if you become incapacitated, and how your assets will be used to provide for your loved ones. These documents allow you to specify your wishes and appoint individuals to carry out your instructions.

Can personality disorders affect how you can plan for your estate? Obviously if you’re suffering from any type of major mental disorder it can affect your mental stability, your finances, and  your entire life. That is why a new approach to estate planning may be different for individuals with these types of individuals: a consistent failure to modify one’s behaviour is a chronic problem when it comes to estate planning. When it comes to estate planning: due diligence, proper organization and financial management are all necessary. Estate Planners who have clients with disorders may find themselves frustrated if their clients are not taking their advice. It may not be the most fun topic to discuss, but this rarely discussed topic is an important and sensitive one: how do estate-planners deal with clients who have mental or intellectual disorders? Here’s a concise article on how estate-planners can handle this: Estate-planning and disorders.  

Millennials and Gen Z are often stereotyped as freeloading, basement-dwelling, lazy, spoiled children. Millennials and GenZ are two generations that have suffered several years of economic setbacks, all of which has caused delays in major life milestones. Both generations have to struggle more than their parents will have to in order to pay back their student loans, get married, have children, etc. Instead, they are the ones often stereotyped as children; two generations of supposed children who live at home and refuse to grow up. At the very least, Millennials Millennials (born roughly around 1982) and GenZ (born roughly around 1996) are more empathetic and  charitable than previous generations. The study (conducted by RBC) made some pretty surprising findings, including the following: 

– 53% of Canadians between the ages of 18 to 14, and 25% of Canadians between the ages of 35 to 54 are leaving behind something for charity in their Wills (for those in those age ranges who actually have a Last Will, that is). Also, yes, the study included people in the age range of 54 years old, despite the fact that oldest Millennials are approaching the age of 40. This was still in stark contrast to people aged 55 and older, who, as the study pointed out, were less charitable in their Wills than their younger counterparts. 

– Canadians are still shrugging off the idea of getting a Will done. The study found that a whopping 52% of Canadians don’t have a Last Will and Testament. This is perhaps likely due to the fact that many younger Canadians feel that they don’t have enough assets to leave behind. The study did not provide a number as to how many Canadians (overall) participated in the study. It’s no secret that Millennials and GenZ are struggling with their financial outlook, but they do what they can to help their fellow human beings. 

Millennials and GenZ are pretty charitable.


An NFT, or non-fungible tokens, is a type of digital asset that represents ownership or proof of authenticity of a unique item or piece of content. NFTs are stored on a blockchain, which is a decentralized, digital ledger that records transactions across a network of computers.

NFTs are unique in that they cannot be exchanged for other assets in a one-to-one manner like traditional currencies or commodities. They are often used to represent items such as artwork, collectibles, and virtual real estate.

Advantages of NFTs

NFTs (non-fungible tokens) are a specific type of asset held on the blockchain. Many NFTs are pieces of digital art, although there are other uses, such as real estate deeds and certificates of authenticity for real-world assets. The advantages to holding an NFT include the following:

  • The blockchain makes it nearly impossible for assets to be stolen or forged.
  • Ownership is easily verifiable, depending on which blockchain it’s held on.
  • Legitimate transfer of NFTs is a simple, clear-cut process.
  • Assets are non-fungible, meaning that they’re unique and are well-suited to represent individual items.

NFTs are often used for pieces of art. Just as a painting by Claude Monet has value, so too do artworks represented by NFTs. For example, a CryptoPunk NFT created by Larva Labs could be worth multiple millions of dollars. As with physical art, these NFTs can offer a way to transfer wealth from one generation to another.

Estate Planning Challenges With NFTs

NFTs have the same challenges as other assets that are stored on a blockchain. Heirs must be aware of the existence of the NFTs, know which blockchain the NFT is held on, and be able to access the NFT as an owner. None of these factors happen by chance. Preparation by the asset holder prior to their death is vital to ensure the orderly transfer of assets to heirs.

Estate planning, especially by those who hold sizeable assets, is vitally important. However, the ownership of NFTs or other blockchain assets makes consulting a qualified professional of utmost importance. Without planning, these assets could easily be lost forever.

Blockchain technology is a shared, decentralized ledger system that records certain transactions and assets. It’s typically used to store information about cryptocurrency, like Bitcoin. It consists of virtual “blocks”, which contain information about who owns a certain amount of crypto. These blocks are connected by hashes (the hash at the end of one block connects with the hash at the beginning of the next block). In this way, they form a “chain” of information that cannot be easily removed or altered.

As more and more people acquire assets that are represented using blockchain, estate planning has had to evolve to accommodate both the assets and the technology. As with any new technology, the laws regarding blockchain are lagging behind its use. That means that estate planning is especially important in cases where a substantial amount is held on a blockchain.

Estate Planning Difficulties With Blockchain

Having assets raises specific problems in regards to estate planning. Unlike other assets, which can be easily discovered and are often accessible with a death certificate, no such safeguards exist on the blockchain. Some other issues that complicate estate planning include:

  • Heirs are unaware that assets exist (that is, they do not even know to look for them).
  • Heirs know that the assets exist, but do not know where they’re held (are they on an exchange? In a wallet?)
  • Heirs know the above information, but do not know the appropriate passcodes to access them (or do not know where the passcodes are securely stored).

Estate planning is vital for anyone who holds sizeable assets that they want to pass on to their heirs. However, in the case of blockchain assets, it’s of paramount importance that thorough estate planning, with an advisor knowledgeable about blockchain, be performed as soon as possible in order to ensure the transferability of wealth.