When it comes to estate planning, Canadians are overwhelmingly in agreement on what’s important. But there’s a significant gap between what we believe we should do and what we’ve actually done.

Recent survey results paint a clear picture of this disconnect:

Canadians Understand the Importance of Estate Planning

• 91% believe that having a Will is an essential part of an estate plan.
• 86% agree that appointing a Power of Attorney (POA) is crucial.
• 77% feel it’s important to discuss their wishes with healthcare providers and family.

These are the right instincts. A Will outlines how your assets should be distributed. A POA ensures that someone you trust can make financial decisions if you become incapacitated. And healthcare directives communicate your preferences for medical care in difficult situations.

But Most Canadians Still Don’t Have a Plan

Despite these strong beliefs:

• 70% of Canadians do not have an estate plan.
• Fewer than 48% have a valid Will.
• Fewer than 65% have appointed a Power of Attorney.
• Only 7% have spoken to a healthcare provider or family about their care preferences.

This gap is more than just a missed checkbox - it can create unnecessary stress, legal complications, and financial strain for loved ones during already difficult times.

Why the Disconnect?

So why the inaction? The most common reasons Canadians give for not having an estate plan include:

• “I don’t have enough wealth.”
• “I’m too young.”
• “I don’t have children.”
• “I don’t know where to start.”
• “It’s too expensive.”

But estate planning isn’t just for the wealthy or those nearing retirement. If you have assets, family, or personal wishes - no matter your age or net worth - having a plan ensures those wishes are respected.

Even something as simple as jointly-held property can lead to legal headaches if a POA isn’t in place and one party becomes incapacitated. Courts may intervene, delaying access and creating unnecessary barriers for loved ones.

It's Not Just About Documents: It’s About Direction

A Will, a POA, and a health directive are all legal tools. But without clear communication, especially around healthcare decisions, families are left to guess. Less than 7% of Canadians have formally shared their wishes in this area, even though 3 in 4 say it’s important. 

Too often, estate planning becomes urgent only after a health scare or a sudden loss. And that’s when the absence of a plan is felt the most.

Getting Started Is Easier Than You Think

If you’re unsure where to begin, Oakwater Wealth Counsel offers a complimentary Family Legacy Estate Guide - a helpful first step in organizing your affairs.

This 30-page guide helps you gather your financial details, key contacts, passwords, and more - all in one place - so your family or executor doesn’t have to piece things together in a crisis. It’s designed to go hand-in-hand with your legal documents and support clear, confident planning.

Final Thoughts

Everyone says estate planning is important, but intentions don’t protect your family. 

Documents do. Conversations do. Preparation does.

Don’t wait until a crisis forces your hand. Start the conversation, draft your documents, and ensure your wishes are clear. Your future (and your family) deserve that peace of mind.

Still curious to learn more? Watch the recording of our latest webinar, "Navigating Your Estate Plan: A Lesson in Liquidity, Legacy, and Lifestyle," featuring Brad Pashby, a Certified Financial Planner, Chartered Life Underwriter, and Trust & Estate Practitioner.