At What Age Should I Write a Will?

You can legally write a will if you’re 19-years-old in Canada. That may seem entirely too young to even think about it, but it’s really not. Your age should be the last thing you consider when thinking about writing a will.

As an insurance and wealth management firm often our clients ask for help with creating wills and estates—and these people come from all ages. It’s never a bad decision, at any stage of your adult life.

Unfortunately, a 2012 CIBC poll revealed that almost one third (31 per cent) of Canadians between the ages of 45 and 64 don’t have a will. And of the people who do have a will, 44 per cent haven’t updated it in more than five years.

“Having a will is one of the most foundational elements in protecting your assets, and thus your family, should anything happen to you,” said Jamie Golombek, Managing Director, Tax and Estate Planning at CIBC Private Wealth Management.

“A will is the most basic element of an estate plan that will ensure your assets are passed to your loved ones with minimal grief.”

Here are some other signs that you should write a will, aside from your age:

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As soon as you start working, you start spending and probably start acquiring assets. This may not mean a house, this could be a car or something reasonably substantial that you don’t want “just anyone” to have.

You start a family
As soon as you have a spouse and/or kids you want to make sure they’re taken care of. It’s never a pleasant thought to consider what would happen to them if you passed away, but the sooner you address it the better.

You start a business
If you want to keep a family business in your family, you need a will. Again getting this squared away early can give you peace-of-mind moving forward as the business grows.

If you have any questions about your will or estate, please don’t hesitate to contact us.