In a survey done in 2012 in Canada, 56% of those surveyed didn’t have a will.

What that means is that rather than leaving their heirs an inheritance, the majority of Canadians could be bequeathing their offspring a ticking time bomb.

The financial issues associated with dying without a will begin almost immediately: all accounts are frozen, so family members may have to pay bills or cover funeral expenses out of their own accounts until an administrator or executor is named.

Most wills transfer the estate to the surviving spouse. But without one, various provincial laws dictate how much the spouse and any surviving children receive. Nova Scotia, for example, asks the surviving spouse to elect to receive either the first $50,000 of assets or the matrimonial home, while the rest is divided equally among the deceased’s heirs. But that may not be enough for the spouse to live on.

Long-simmering family feuds could also come to a head during negotiations to equitably divvy up the assets, requiring mediators and lawyers to get involved, often at great expense.

“I don’t think you want the lawyers to get more of the estate than what each of your children will get”, which is why it’s important to draft your will, and discuss your wishes with your family.

I encourage you to talk to your aging parents about estate planning so your parents can have “a vision of what life can look like afterwards”.

One more bit of advice: if you’re drawing up a will for the first time late in life, or do changes to it late in life, you’re wise to ask your lawyer to make notes about your mental state and capacity to ensure it’s not contested later on.