Why Everyone Needs a Will (Even If You Think You Don’t)

Most people are aware that they should have a will, but many don’t take the time to write one. In fact, studies show that only about half of Canadians have an up-to-date will. For something so important, that’s a surprising number.

A will isn’t just about passing on money or property; it’s about making things easier for the people you care about most.

What a Will Really Does

At its core, a will is a legal document that outlines:

• Who inherits your assets (money, property, investments, personal items).
• Who will take care of your children if they’re still minors.
• Who you want as your executor (the person responsible for carrying out your wishes).

Without a will, provincial law decides these things for you. That often means delays, added expenses, and outcomes you might not want.

Choosing the Right Executor

One of the most important decisions in your will is naming an executor. This isn’t just an honorary role; it’s a job. Your executor will need to:

• Manage and distribute your assets.
• Pay outstanding debts and taxes.
• Communicate with family members and legal professionals.

It’s best to choose someone who is organized, responsible, and comfortable handling paperwork. For many people, this ends up being a trusted family member, but you can also appoint a professional if that feels more appropriate.

What About Power of Attorney?

While not technically part of your will, it’s common to set up powers of attorney at the same time. These documents give someone you trust the authority to make decisions for you if you’re ever unable to do so yourself.

• Power of Attorney for Property covers financial matters.
• Power of Attorney for Personal Care covers health and lifestyle decisions.

Together with your will, these create a strong plan for both the expected and unexpected.

Why People Put It Off (and Why You Shouldn’t)

Many people delay making a will because they feel they don’t have enough assets or because the process feels overwhelming. But the truth is:

• If you have children, a will is essential.
• If you own property, a will ensures it passes smoothly.
• Even if you have modest savings, a will saves your loved ones from added stress.

The peace of mind alone is worth it.

Getting Started

You don’t need to have everything figured out to begin. A lawyer or estate planning professional can guide you through the process and make sure your will is legally valid.

The important thing is to start—your future self and your family will be glad you did.

Ready to take the first step? Talk to us about how your insurance and financial plans fit into your estate planning.