More than 500,000 Canadian stepfamilies face this estate planning blind spot — here’s how to protect your assets
Less than half (48%) of Canadians have a will, according to a report by the National Institute on Ageing (NIA) in collaboration with RBC Royal Trust — and that number drops to just 34% for those aged 35 to 54 (2).
If you die without a will, also known as intestate, the province or territory where you live will determine how your assets are distributed, known as intestate succession. Intestacy rules differ significantly by province or territory, so the outcome for your family is regionally specific. This process takes place in court and can drag on for months or years.