May 28, 2026
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Most Canadians believe estate planning is important, but many still haven’t taken the steps needed to put one in place.
A new study from IG Wealth Management found that 84% of Canadians say having an estate plan is a priority. Yet fewer than half — just 41% — actually have one. The report highlights a significant gap between intention and action when it comes to planning for later life, family responsibilities and the transfer of assets.
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“A thorough and thoughtfully constructed estate plan should be a priority for all Canadians,” said Christine Van Cauwenberghe, Head of Financial Planning at IG Wealth Management, in a statement. “It helps ensure that financial and personal affairs are managed according to one’s wishes, both during their lifetime and after their passing.”
In just 20 minutes, you can create a legally-binding will from anywhere in Canada using the online portal from Epilogue. That means in less time than it takes to get an oil-change, you could prepare a legally-binding will as well as Power of Attorney documents, affidavits of execution, along with other estate planning tools.
Estate planning involves more than just a will
Many Canadians still associate estate planning primarily with writing a will, but financial experts say it typically involves a much broader set of decisions.
An estate plan can also include naming beneficiaries, setting up powers of attorney, creating healthcare directives and organizing how financial affairs would be handled in the event of illness, incapacity or death.
The IG survey suggests that while many Canadians understand the importance of planning in theory, fewer are taking practical steps to formalize those decisions.
For some, the process may feel uncomfortable or easy to postpone. Others may assume estate planning is only necessary for wealthy households or retirees, even though experts generally recommend basic planning for adults at a wide range of income levels and life stages.
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Many Canadians want to leave a legacy — but haven’t planned for it
The study also found that many Canadians are thinking about the long-term impact they want to leave behind, including charitable giving.
More than two-thirds of respondents said it’s important to address charitable giving within an estate plan. However, only two in five said they had discussed charitable giving strategies with a financial advisor, lawyer or notary.
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And even fewer — less than one-third — said they had made a formal plan with family members or executors about how charitable donations should be managed within their estate or in the event of cognitive decline.
“It’s encouraging to see that many Canadians recognize the importance of giving back and preserving their legacy through estate planning,” Van Cauwenberghe said. “However, there is a clear gap between recognizing the need to plan and taking meaningful action.”
More Canadians may be thinking about long-term planning
The findings come at a time when many Canadians are paying closer attention to long-term financial planning amid rising living costs, an aging population and growing intergenerational wealth transfers.
IG Wealth Management says interest is also growing around donor-advised funds — charitable giving accounts that allow people to donate assets, receive a tax receipt and distribute funds to charities over time. According to the survey, 40% of Canadians expressed interest in including that type of tool in their estate plans.
While estate planning can be easy to delay, financial experts say putting even a basic plan in place can help reduce uncertainty and stress for family members later on.
For many households, the process is less about wealth alone and more about making personal wishes clear before those difficult decisions are forced.
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Steven Brennan is a freelance finance writer based in Vancouver, BC. He holds a BA and an MA from Maynooth University, Ireland. His work regularly appears at Canadian Mortgage Trends, Lowest Rates, Loans Canada and other Canadian and US brands, while also working as a ghostwriter for financial influencers.
