'People are going to grieve when somebody dies... There's no amount of planning in the world that will eliminate the grieving process,' says portfolio manager and CEO
As the scope of employee benefits continues to widen, employers may start to consider whether estate planning should be included in their group plans, particularly as workers are living longer and outliving retirement plans.
For some experts, it’s a logical extension of financial wellness that helps avoid the administrative and emotional fallout that can follow the death of a loved one, while for others, it’s a costly and ill-fitting addition that oversteps the employer’s role.
Colin White, CEO and portfolio manager at Verecan Capital Management, rejects the idea that estate planning belongs anywhere near a group benefits plan. For him, the individualized nature of the process makes it incompatible with the group structure employers typically offer.
“Estate planning needs to be done on a very personalized level,” he said. “The degree of flexibility in the planning and the range of goals for people are so wide and diverse that it does not really lend itself to being offered [in plans]. Trying to offer a highly personalized, diverse service on a group basis… I cannot envision the upside to that.”
White contrasted estate planning with group investment programs, where there’s at least an argument to be made for economies of scale. But when it comes to end-of-life planning, the stakes are too high and the risks of getting it wrong are too easy to overlook. He pointed to the growing market for products and services that promise to help individuals avoid probate, which he said often ends in costly litigation.
White also pushes back on the idea that employers can meaningfully reduce the so-called “grief tax” - the loss of productivity that occurs when employees are managing a death in the family, by offering estate planning tools.
“Grief tax, I think that’s stupid,” he said. “People are going to grieve when somebody dies. There’s no amount of planning in the world that’s going to eliminate the grieving process. Paper is not going to make this problem go away.”
He argues that while proper life insurance and financial supports have value, estate planning documents won’t soften the shock of sudden loss or meaningfully improve productivity in its aftermath.
Nicholas Landry, senior benefits consultant at BFL CANADA, also views estate planning as too distant, too personal, and too complex to fit within the structure of employer-sponsored benefits. While he acknowledged that planning is important, he draws a firm line between what individuals should handle on their own and what employers should be responsible for.
“I would suggest that it is something that individuals are doing privately and individually based on their own personal needs or attention to their own needs,” he said. “Planning is very easy. The execution may be years and years away.”
For Landry, the issue comes down to privacy and control, two areas where estate planning doesn’t align with traditional benefits administration. “The actual execution is so technical and very, very, very private,” he said, adding that level of detail is far removed from what employers can reasonably manage, especially given their limited role in real-time financial decision-making for employees.
Landry believes there’s a fundamental disconnect in assuming estate planning fits within group benefits, largely because of the gap between planning and execution and the cost and complexity involved, noting that proper estate planning with “multiple facets” costs upwards of $25,000. That kind of investment, he argues, is highly individualized and not suited to a broad, one-size-fits-all workplace benefit.
Landry also questions the practical value of including such a service in employee packages when so few employees even engage deeply with their existing benefits, adding that services like financial education or employee assistance programs are far more immediately relevant.
White cautions that poor execution, like a minimal, generic estate plan done through the workplace can backfire.
He acknowledges there may be room for trauma support through medical or bereavement services or time off, but questions how scalable or accessible those supports would be, particularly outside major urban centres.
But Erin Bury, co-founder of Willful, disagrees. She argues that estate planning is not only increasingly in demand but is also a critical gap in most employees’ financial lives. According to Bury, “fifty-nine per cent of Canadian adults don't have a will,” she said. “That’s as high as 90 per cent amongst under 35.”
“To me, the argument for employers is simple. You have to go beyond traditional health and dental if you want to compete in 2025,” she added.
Bury believes the value is twofold for employers. Not only does it help older employees finalize overdue end-of-life planning but it also protects younger employees from the costly administrative burden of managing estates without documentation.
“Your employee is going to need to take more time off, they’re going to be more stressed out, and it’s not going to be as streamlined for you,” she said.
Johanne Plamondon, certified financial planner at Raymond James, sees estate planning as an overlooked but potentially powerful addition to employee benefits, particularly in strengthening both financial stability and employer-employee relationships. For her, incorporating estate planning into benefits could provide employees with peace of mind and demonstrate a company’s commitment to its people.
“Anything you can do to simplify and to solidify an employee’s lifestyle, it shows a real commitment to the employee too,” she said.
Plamondon believes this type of offering would directly improve retention and loyalty at a time when both are in short supply. She underscored employers who offer estate planning in their benefits offering could act as a solution, particularly by offering employees more than just the standard retirement savings tools.
Still, White suggests that including estate planning in employee benefits risks doing more harm than good. His main concern is that it creates a false sense of accomplishment, with employees believing they’ve addressed something deeply personal through a generic workplace offering.
White also points to the practical limitations of tying long-term planning to short-term employment. Workers change jobs frequently, but estate planning is a lifelong process. In his view, a permanent plan can’t be built around a temporary job.
While he concedes that offering estate planning tools in a benefits package might help raise awareness, that’s where the value ends.
“I don’t see it ticking any boxes,” he said. “There’s many, many things that you can roll into group benefit package that can be delivered on more effectively on a group basis. It’s not more convenient and a one-size-fits-all is not going to fit here.”
