There appears to be divided opinion on the importance of Wills. There are a group who believe that a Will is a document to be written on one’s deathbed, as a final statement to explain who will receive the family heirlooms. Fortunately, most of us are wiser, and understand that a Will is something that everybody needs, no matter how old, or how wealthy. A Will is a vital part of your financial plan that is written when you are young, and updated throughout your lifetime.
“Fortunately I don’t need a Will yet”
A caller contacting LegalWills.ca on behalf of their mother
But statistics show that what we know about Wills, and what we actually do about Wills are two very different things. I think most of us were shocked to hear that Prince didn’t have a Will, while silently thinking that it’s something that we really need to get to ourselves.
Recent surveys have been quite consistent in putting the number of Canadians without a Will at just over half. A 2013 CIBC survey put the number at “about half”, while a 2012 LawPRO survey claimed that 56% of Canadians did not have a Will in place. Most recently, in 2014 the BC Notaries reported a number of 55% of British Columbians without a Will.
At LegalWills.ca we were interested in not only the number of people without a Will, but also the number of people with out-of-date Wills. This came from a social discussion on Wills that went something like this;
Dave: I do have a Will, but I wrote it a while ago.
Me: you think it may need to be updated?
Dave: Well, I wrote it just after we got married, but before we had the children.
Me: Are you kidding me? your girls are now 24 and 21 years old !! you don’t have a Will. Continue reading