Do I need a will? Poll finds many Canadians feel too young

Many Canadians are “lacking the will” to plan in the event of their death, according to a recent poll.

According to the Angus Reid Institute, 50 per cent of Canadians surveyed over the age of 18 say they don’t have a formal last will and testament in place. One-in-five Canadians over 55 said the same.

This is something Calgary lawyer Judy Stewart says could lead to big problems for loved ones who are left behind.

“If you don’t have a will, what the law says is that your property is to be sold immediately and distributed in accordance with the law. So it’s very complicated and complex and, the most important thing people need to know, costly,” she explained.

An Angus Reid Institute survey finds 50 per cent of Canadians asked don’t have a will and testament. (Courtesy Angus Reid Institute)

The Angus Reid Institute says the number of respondents without a will “remains consistent” since the pollster surveyed Canadians on the same topic five years ago.

Nearly a quarter of people surveyed chalked up their lack of a will to their age, saying they felt they were “simply too young to need one.”

However, the institute adds that, while it may be expected that younger Canadians are less likely to have a written will, age isn’t the only factor at play.

The pollster says Canadians living in lower-income households are also less likely to create a will, adding “a lack of assets to worry about is a much more common reason.”

Meanwhile, Stewart notes many other people put off planning simply because they don’t know where to start.

“Not knowing who to name as an executor, not wanting to share the details, and then one of the biggest reasons for every age category is this idea of time,” she told CityNews.

“Putting a will in place means that you care about your loved ones, you care about your family and who’s going to be left behind. You don’t want them to have costs, you don’t want them to have needless anxiety. You want them to be able to grieve and to look after your kids and anything you’ve left behind in the way of stuff and get on with their lives.”

Stewart says having a plan in place gives you the power to make decisions about your assets. By not, she adds there’s the potential of significant tax burdens being passed on.