According to a recent Angus Reid survey, half of Canadians don’t have a will. This number is even higher – 69 per cent – for those ages 39 to 44.
So, why don’t most people have a will? It’s probably because there are many misleading myths about wills, like:
1. Wills are only for people with a lot of money.
2. Wills are for older people.
3. Wills are complicated, expensive, and time-consuming to create.
The truth is that every adult should have a will, no matter their circumstances. Let’s start by busting each of these myths.
Myth 1: Wills are only for people with a lot of money
If you have a family, a home, or anything of value, you should have a will. While it is hard to think about passing away, the reality is that you need to ensure your loved ones are protected. Having an up-to-date will, and powers of attorney for financial and medical care, ensures that your wishes are followed. This includes everything from passing on precious heirlooms and keepsakes, to important medical, financial, and familial decisions. We’ve put together a list of easy-to-follow steps so you can start estate planning now.
Even if the value of your estate doesn’t seem like a lot to you, it could grow into something that would help provide for your loved ones.
Myth 2: Wills are for older people
Wills are about more than money. If you pass away without one, your family members may never know how you want to be celebrated and how you want your estate to be shared with others. It also details how your financial obligations, like your mortgage, will get settled. Taking the time to put your wishes in writing is going to make a difficult time much easier for everyone.
Myth 3: Wills are complicated, expensive, and time-consuming to create
There was a time when creating a will meant going to see a lawyer or a notary. The cost may have been too high for some.
Today, however, do-it-yourself online wills are easy to find and offer guidance to help you make informed choices. Online wills can be a safe and easy way to “check the box” when your financial situation is straightforward.
If any of these myths have been holding you back from preparing a will, there is a solution. Meridian has partnered with two online will companies, LegalWills Canada and Willful.
Through our partnerships, Meridian Members get a 20% discount on fees. These online will packages include all the information, forms, and services you need to find a comprehensive solution.
Explore online wills through Meridian
Learn more about will and estate planning
Estate planning: who gets what – and how
