​5 reasons to prioritize end-of-life planning in Canada (no matter your age)

The article was originally published on October 20, 2022 and was updated on July 10, 2026.

No matter your age, planning for your death can feel scary and morbid. So, it’s no wonder Canadians are procrastinating on tasks like end-of-life planning.

According to Willful’s 2025 ‘The Great Delay’ study, only 30% of Canadians have discussed a financial emergency plan with their family. Of the survey participants, just 40% report having a Will, with only 34% having life insurance and 24% having power of attorney documents. 

This means the majority of Canadians are unprepared for their end of life, leaving the future of their loved ones uncertain when they pass away.

Planning for your end of life should be treated as part of your overall financial wellness, like doing your taxes. Whether you’re in your 30s or enjoying retirement, we’ve rounded up five reasons to prioritize end-of-life planning, no matter your age.

What is end-of-life planning?

End-of-life planning is the process of creating an in-depth plan to prepare for your passing. This includes everything from making a Will to choosing a Power of Attorney to purchasing life insurance.

Having instructions that outline wishes for your funeral, estate and surviving loved ones not only makes a tough time simpler for your family but also ensures your assets are taken care of as you’d like.

Here are five reasons why end-of-life planning should be on your radar sooner rather than later: 

1. Prepare for the unexpected

We all hope to live long and healthy lives, but tomorrow is never guaranteed. While death is not fun to think about, it’s important to make a plan just in case. 

Here are some questions to ask yourself: 

• What will happen to my home when I pass away? 
• Who will my savings go to, and how will they be distributed? 
• How will my death impact my surviving loved ones?

When times are good, we often forget these things. But we know that end-of-life planning becomes top of mind when the unexpected happens. For example, 58% of millennials either created or updated their Will during the pandemic. 

2. Put your loved ones in a better financial position

End-of-life planning can also help you and your loved ones save money, in more ways than one. Here are some ways different parts of your end-of-life plan can put your loved ones in a better financial position:

• Makes sure your money goes to the right people and places: In your Will, you can choose beneficiaries to ensure your assets and property go to the right individuals. Without a Will, it’s estimated that a descendant could lose access to an average of $29,297.
• Minimizes estate administration taxes: By carefully structuring your assets, policies, and estate plan, you can reduce estate administration taxes, leaving more money for your loved ones.
• Provides income replacement through life insurance: Life insurance provides your beneficiaries with a tax-free lump-sum payment, which helps to reduce their financial burden in the event of your death. Your loved ones can use the death benefit to keep up with mortgage payments, debt and daily living costs. 

3. Protect your furry family members

One commonly forgotten part of end-of-life planning is making a plan for your pets. 

Who will take care of them in the event you’re unable to? How can you ensure their preferences and health needs are met?

By creating a Will, you can arrange for a comfortable life for your furry companion.

Just like children, pets can have a guardian appointed to look after them in your Will. Make sure that their guardian is someone you trust who will want to care for your pet. That means that they’re aware of the responsibilities and lifestyle that come with caring for your furry family member. You can also set aside money in a pet trust to ensure their needs will be covered. 

4. Reduce stress for your loved ones

An end-of-life plan leaves a blueprint for your loved ones to follow and can alleviate their stress during a difficult time. A Will helps lighten the workload and countless hours required to complete the legal process and even saves them money. It can also reduce the likelihood of any family disagreements about what you would have wanted.

5. Enjoy peace of mind

There’s honestly nothing worse than walking around with a feeling of “I know there’s something I should do, but I’ll just get to it later.” 

Completing your Will and other estate planning to-dos can bring you some extra peace of mind now because you know that your loved ones will be protected in an emergency later. 

The bottom line

We never know what tomorrow brings, but being proactive about an end-of-life plan is one of the best ways to ensure your wishes will be honoured when the time comes. 

The good news is that your Will and end-of-life plan isn’t one-and-done! As your life changes, you can and should keep your Will (and other estate plans) up to date to make sure they reflect your current wishes. Fortunately, many online Will platforms like Willful include unlimited changes, so you can come back and make easy, stress-free updates.

From life insurance to creating a Will, making an end-of-life plan is the best way to protect your loved ones and give yourself peace of mind. No matter your age, take the time to prioritize these to-dos today!

Also read

• Is life insurance taxable in Canada?
• How to update a life insurance policy after major life events
• What to do when your term life insurance expires
• Can you get life insurance after a stroke?