One-quarter of Canadians without a will in place
say they are too young to worry about it
By ANGUS REID INSTITUTE
January 23, 2018 – When the world learned that Prince, an artist whose estate was worth an estimated $300 million, died without a will in place, it caught many by surprise.
A slight majority of Canadians share at least one thing in common with the pop legend: a lack of estate-planning.
A new Angus Reid Institute poll finds that half of Canadians (51 per cent) say they have no last will and testament in place, while only one-third (35 per cent) say they have one that is up to date. In other words, half of Canadians are set to have no say in what happens to their assets should they die, and nearly one-in-six have wills, but haven’t kept them up to date.
Why are Canadians putting off estate-planning?
A significant number say the reason they haven’t written a will is that they’re “too young” to worry about it (25 per cent), and almost as many say they don’t have enough assets to make a will worthwhile (23 per cent).
More Key Findings:
- Older Canadians (those ages 55-plus) are nearly four times as likely as the youngest cohort (18-34) and twice as likely 35-54-year-olds to say they have an up-to-date will in place (58 per cent compared to 15 per cent and 29 per cent, respectively)
- Quebec and British Columbia are the only provinces in Canada where a majority of people say they have a will in place (58 per cent in Quebec and 54 per cent in British Columbia)
- Women are noticeably less likely than men to say they have a will in place (46 per cent versus 53 per cent) and are nearly twice as likely to point to the legal costs associated with writing one as the main reason why
Link to the poll here: www.angusreid.org/will-and-testament