End-of-life conversations are key – no matter what gender you identify with.
But the truth is, women face a slightly different reality when it comes to estate planning.
This International Women’s Month, we’re shining a spotlight on why women should make will-related convos a priority – even if they can feel overwhelming at times.
Women are significantly more concerned about being left behind with financial challenges
Let’s be honest, the economic environment has left more Canadians concerned about financial wellness than ever before. Have you seen the price of eggs these days?
But how would you feel about your finances if your spouse or partner passed away?
Among Canadians who are married or in common-law relationships, women are significantly more concerned about being left with financial challenges than men, if their partner were to pass away.
According to a study commissioned by Willful and Angus Reid, 60% of women said they were concerned, versus 44% of men. Of those women, 25% said they were “very worried” about being left with financial woes.
End-of-life planning, like creating a will and buying life insurance, can help put a formal plan in place for both you and your loved ones. This way, you’re always prepared for the unexpected and you’re not left to shoulder the responsibility.
Get to know the wishes of your spouses and loved ones
On average, women in Canada live longer than men – by four years to be exact. And while that’s welcome news, it also means women are more likely to bear the stress of wrapping up estates and managing financials if loved ones pass away.
Many women in their lifetime will take on the role of executor or play a part in the estate administration process in their lifetime. Yet, two-thirds (66%) of Canadians don’t know the end-of-life wishes of their spouses. Many aren’t even sure if their parents have a will.
By having these conversations, you can become more familiar with what your loved ones want. So there's no need to guess or stress when the time comes.
Here are our top tips for talking about wills with your loved ones →
Put a plan in place for your family
Whether it’s outlining who gets your assets or choosing a guardian for your children, estate planning puts a formal plan in place, so your loved ones can be taken care of.
If you pass away without a will, the courts will decide how your estate is distributed. They’ll also make important decisions like appointing a guardian or executor.
Unfortunately, important relationships in your life may not be recognized by these laws, leaving people like common-law partners and other loved ones vulnerable.
You deserve peace of mind
We all know how it feels to have something important on our to-do list that we keep putting off. For many women, and Canadians more broadly, estate planning is one of these things that we tend to procrastinate on.
But by taking care of your estate planning needs, you can not only check off an important financial to-do but give yourself peace of mind knowing that your loved ones are taken care of.
Ready to get started? Create your legal will with Willful today →