First, they could share that having a will at any point in life is important, and these can be updated as people’s life circumstances change.
Second, there is no ‘asset threshold’ to having a will and most people have physical or digital assets – such as photographs on their phone – that would require instructions on how to handle them.
Third, those who don’t know where to start could opt for a low-cost digital option, if their affairs are simple enough, or work with their advisors if they’re more complex to ensure they have everything in place to manage their estate.
Fourth, while 53% of Canadians aged 18 to 34, 25% of those aged 35 to 54, and 13% of those aged 55 and over surveyed wanted to include charitable giving in their wills, Kaufman noted that it’s important to point out to them that they can’t if they don’t have a will.
Finally, she said many of those surveyed thought being an executor for someone else is easy, but it can often be stressful and time-consuming and fracture family relationships. The survey found that more than half didn’t know that they could name a corporate executor to administer the estate.
