Why Updating Your Will Might Be the Greatest Gift You Leave Behind
We all have that one task we keep pushing to the bottom of the to-do list, right? For many of us, that task is creating or updating our will. It’s not the most thrilling way to spend an afternoon, but it’s one of the most important things you can do for the people you care about. Yet, 51% of Canadians don’t have a will. And among those who do, 28-35% walk around with a will that’s outdated or needs a serious refresh.
Now, I get it. Who wants to spend time thinking about what happens when we’re gone? But as uncomfortable as it might be, it truly matters. So, let’s have a little fun while we tackle this serious subject and break down some of the reasons why so many people avoid creating or updating their wills:
1. Procrastination
Ah, procrastination. We’ve all been there. "I’ll get to it tomorrow," we say, and then tomorrow turns into next year.
2. Fear of Mortality
No one likes to think about their expiration date. It’s like contemplating the last episode of your favourite show—it’s easier to pretend it’ll never happen.
3. Not Knowing the Consequences
You know what they say: ignorance is bliss... until it isn’t. Not knowing what could happen if you don’t have a will is a dangerous game.
4. It Seems Too Complicated
The word “estate” makes it sound like you need a mansion and a butler to justify having a will. But even if you’re more “apartment and takeout,” a will is still crucial.
5. Worrying About the Cost
Some think creating a will will cost them an arm and a leg. Spoiler alert: not having one might cost your loved ones even more.
6. Thinking They Don’t Own Enough
You might think, “I don’t have much, so what’s the point?” But trust me, even your cherished collection of vintage action figures needs a plan.
7. Uncertainty About Decisions
Choosing who gets what can feel like picking teams in gym class. But remember, this isn’t dodgeball—everyone wins when there’s a plan.
8. Family Dynamics
Family drama is the gift that keeps on giving, and avoiding it is sometimes reason enough to put off writing a will.
9. Lack of Awareness
Young folks often think they’re invincible and that wills are for “later.” But sometimes, “later” sneaks up on you faster than you think.
10. Optimism
“I’ve got plenty of time,” we tell ourselves. But life has a funny way of laughing at our plans, doesn’t it?
What Happens If You Don’t Have an Updated Will?
If something happens and your will isn’t up to date, it can lead to:
Family Conflict
Imagine your loved ones trying to sort out your wishes without a clear roadmap. Without an updated will, they might end up in a real-life "Family Feud" episode, arguing over who gets what. Emotions run high during times of loss, and unclear instructions can easily spark disputes that can divide families for years.
2. Business Uncertainty
If you’re a business owner, the stakes are even higher. An outdated will might leave your company in a state of chaos, with leadership roles unclear and business operations in limbo. Your employees and partners could be left scrambling to figure out who’s in charge, potentially damaging the business you've worked so hard to build.
3. Higher Taxes
Let’s face it: nobody wants to give the taxman more than they have to. An outdated will can lead to missed opportunities for tax planning, which means your estate could be hit with higher taxes. This could significantly reduce the inheritance you intended to leave behind, making a tough situation even tougher for your loved ones.
4. Misaligned Estate Distribution
Without a will or with one that’s outdated, your assets might not go where you intend. You could unintentionally leave a windfall to an estranged cousin or exclude someone you care deeply about. Your wishes might be misunderstood, leading to outcomes far from what you had in mind.
5. Added Stress on Your Family
Your family will already be dealing with the emotional weight of losing you—let’s not add legal headaches to their plate. An outdated or missing will can lead to prolonged probate processes, legal fees, and uncertainty. The added stress can take a serious toll on your loved ones, who will be left to navigate a complex and often overwhelming situation.
6. Drawn-Out Probate Process
Even the most organized estate plans can get tangled up in probate for months. But without clear intentions, the distribution of your assets can drag on for years instead of months, causing unnecessary stress and delays for your loved ones.
Let’s Make This Easier Together
I know this isn’t the most fun topic, but creating and keeping an updated will isn’t just about money or assets—it’s about peace of mind for you and your loved ones. It’s about ensuring that, no matter what happens, the people you care about are respected, and your wishes are honoured.
If you don’t have a will, or if it’s been a while since you updated yours, I encourage you to take action. And if you’re unsure where to start, please don’t hesitate to reach out. I’m happy to connect you with a trusted estate planning specialist. If your situation is complex, it’s especially important to work with a specialist who understands the intricacies of estate planning, rather than a generalist.
This isn’t something you have to do alone. Let’s prioritize this important step in your estate planning together, and ensure that your legacy is protected and your loved ones are cared for. And hey, once it’s done, you can cross it off your list and return to the fun stuff—like finally organizing that garage!
