Stop Procrastinating: Make 2 Major Money Moves Today

In 2013, my father took his own life.

He ran a successful small business and managed his finances with care. Yet he was intensely private about his accounts; even my mother didn’t always know where his assets were held. After he died, locating and settling his finances required dozens of calls, hundreds of emails, and multiple visits to bank branches to track down accounts and paperwork.

We were fortunate that his last will and testament was current, clearly written, and prepared by a professional estate lawyer. Settling an estate is emotionally and physically demanding, and having a valid will made the process far more manageable for our family.

Estate planning is straightforward for most DIY-minded people, but taking the first step is often the hardest. Like life insurance, a will is a practical way to protect the people you care about. It’s understandable to avoid thinking about death, especially when you are young and it feels distant. But failing to plan has real consequences: if you die without a will (intestate), provincial rules will decide how your assets are divided.

Many Canadians leave these decisions to chance. Surveys show fewer than one-third of Canadians have a full estate plan, and fewer than half have a will in place.

Women are more likely to be widowed than men. About 77% of those identified as widowed are women—a reflection of women’s longer life expectancy and a tendency to partner with older men. The average age of widows in Canada is surprisingly low, at 56, underscoring why estate planning matters for people at many life stages.

Confronting our mortality can be difficult for neurological reasons. Research from Bar-Ilan University shows our brains tend to reject information that links the self to death, making it emotionally easier to ignore the need for planning. My advice: acknowledge the reality and make a plan now.

• Plan early: While the odds of an unexpected death are low for younger adults, they are not negligible. For example, thousands of Canadians aged 35 to 44 died in recent years. Having a will—even if you’re young and don’t yet hold significant assets—protects your loved ones and clarifies your wishes.
• Update at key life stages: Review and revise your estate plan when you marry or enter a partnership, have children, accumulate assets, or approach retirement.

The easy part

For most people, the practical steps of estate planning are simple to complete. Start by naming beneficiaries on registered accounts and insurance policies and make sure those beneficiary designations are accurate and up to date.

Tell your spouse, partner, and the executor where your important documents and accounts are located and who to contact. Consider using a secure password manager to store login details for email, social media, and financial accounts so your executor can manage or close those accounts if necessary. If you hold digital assets, such as cryptocurrency, include clear instructions and access details as part of your estate plan.

Family law and estate rules vary by province, so working with a qualified estate lawyer in your province is advisable. If hiring a lawyer is beyond your budget, there are lower-cost online will services, but be aware of limitations: they aren’t suitable for complex family situations, may lack the ability to draft trusts, and often don’t provide lawyer support for specific questions.

The hard part

The most difficult step is summoning the willpower to start and then periodically update your plan. Understanding that our brains resist thoughts about mortality may help you push past that discomfort and take action.

Wealthier tip

Defeat that resistance by treating estate planning as a practical act of care: a completed, current estate plan provides financial security and peace of mind for your loved ones.

Don’t be a stranger

Your financial plan is like a GPS for your goals: it needs regular updates to reflect detours and new routes. As your financial situation, family circumstances, or goals change—or as tax, market, and economic conditions shift—your plan must adapt.

Aim to review your financial and estate plans at least once a year. If you experience a major life change, conduct a review immediately to ensure your plan still serves your needs and protects your family.

Agenda for annual reviews

When you review your plan each year, check for changes in personal circumstances, investment allocations, tax strategies, estate documents, retirement targets, and insurance coverage—particularly life and disability insurance. Typical triggers for an update include:

• Life-altering events: Major events—such as marriage, divorce, a new child, serious illness, or an inheritance—can change your financial priorities and require updates to beneficiary designations, powers of attorney, and your will.
• Economic factors: Significant shifts in interest rates, market performance, inflation, tax rules, or employment status may prompt adjustments to investments, savings plans, and tax strategies. Remember that normal market volatility doesn’t always warrant drastic changes.

Outsmart procrastination

Reviewing your financial plan can feel like a chore—and many of us procrastinate. Research shows a significant portion of adults delay important tasks, and procrastination can prevent you from reaching financial goals, increase stress, and harm your health.

Understanding why you procrastinate is the first step. Common causes include fear of doing the task poorly, disorganization, perfectionism, or believing you can rely on memory instead of documenting important decisions.

Practical ways to overcome procrastination:

• Reframe the task: View updating your plan as a responsible, proactive choice that protects your family and advances your goals.
• Break it into steps: Divide the review into short, manageable sessions—four 30-minute blocks, for example—instead of one long session.
• Limit distractions: Work in a quiet space, turn off notifications, and avoid social media during your session. A practical tip is to separate devices for focus—one phone for essential tasks and another for leisure apps.
• Use technology: Productivity and goal-setting apps can break tasks into milestones and send reminders. If social media derails you, website-blocking tools can help maintain focus.
• Try mindfulness tools: Apps and short meditation practices can reduce anxiety and improve concentration before and during planning sessions.

Wealthier tip

Commit to a regular review schedule by addressing the specific reasons you delay. A short, consistent effort each year preserves your financial progress and safeguards your loved ones.

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Excerpted from Wealthier: The Investing Field Guide for Canadian Millennials by Mark McGrath and Daniel R. Solin. Copyright 2025. Reprinted with permission.

Mark McGrath is a financial planner and associate portfolio manager at PWL Capital Inc. Daniel R. Solin is the New York Times bestselling author of the Smartest series.