Over two in five adults (44%) have not written a will, a new study by Canada Life has revealed.

When asked why respondents do not have a will in place, 26% said they do not have enough assets or wealth to warrant making a will, while 20% said they still have plenty of time to make one.

Canada Life’s research, based on 2,000 respondents to an Opinium survey, also found that less than half (49%) of people had discussed their end-of-life wishes with their loved ones.

It also indicated that 15% of people do not want to pay to write a will, while 14% believe their loved ones will inherit their assets automatically.

Tax and estate planning specialist at Canada Life, Stacey Love, said that passing away without a will in place can place a “significant burden” on loved ones.

“No matter your age, writing a will should be a priority, even if you don’t think you have any real wealth to pass on,” said Love. “It’s also very important to have open, honest conversations with your loved ones about your inheritance plans, so they know what to expect.

“Once your will is written, remember to review it every few years to make sure it remains accurate. Family circumstances can change over time, and so your will needs to reflect this.

“Ultimately, estate planning is about preparation. While this may feel daunting, having conversations about inheritance and putting a will in place will take a huge burden off your loved ones’ shoulders.”

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