More than half of Canadians do not have a will and even those who do either don’t keep it up-to-date or have concerns that the will won’t live up to their wishes.

According to a survey by Lawyers’ Professional Indemnity Co. the majority of Canadian adults (56%) do not have a signed will. And a survey by TD indicates that many Canadian seniors want to leave as much of their estate as possible to their family or charitable causes – but only four in 10 feel “very well prepared” for that to happen.

There are many people who have, for one reason or another, not yet thought about what will happen to their estates when they die.

A properly designed estate plan will help minimize estate costs and taxes, which can take a large bite of an estate.

Beside of including how people want to divvy up their estates, a will also ensures there are powers of attorney in place (one for personal needs and the other for property) in case clients can’t look after themselves, as well as naming an executor who will follow the instructions outlined in the will.

The main concerns people should have when putting together their wills are: how to maximize their estate, minimize their costs and minimize taxes, the best way to do that is to get good advice and ensure that an estates lawyer writes up the will.

While having a will has always been important, it’s taken on broader significance with the large cohort of Baby Boomers, many of whom have seen their parents’ bank accounts dwindle with elder care. “That is definitely giving them more insight into what to expect later.

Family dynamics can also be complicated and may require some time to sort out who will get what. When it comes to estates, parents should sort out any problems, perhaps with the help of an estate planner.