If your partner were to die tomorrow, how confident would you feel about handling your finances alone? A survey commissioned by my company, Willful, and Angus Reid found that among Canadians in married or common-law relationships, women are far more worried than men about being left with financial problems: 60% of women versus 44% of men. One in four women (25%) said they were “very worried” about facing financial hardship if their partner passed away.
On average, women in Canada live about four years longer than men, and the country is in the midst of a major intergenerational wealth transfer. Much of that wealth will land in the hands of women, which means many women will eventually be solely responsible for managing household finances, investments and estates. Given this reality, having a clear financial plan—and making sure loved ones have documented plans—is essential preparation for both unexpected events and long-term stability.
Ensure you know your spouse’s wishes
Our Willful research shows that two-thirds (66%) of Canadians don’t know their spouse’s end-of-life wishes. My husband and I founded Willful after his uncle died in 2015; the uncle had never shared his plans with his wife, and the family struggled to deal with paperwork while grieving. I hear similar stories from customers all the time: a partner delays writing a will or setting up legal documents because they don’t want to face difficult choices.
Death is an uncomfortable topic, but the practical consequences of avoiding estate planning often fall disproportionately on women because of longer life expectancy. It’s important for both partners to keep wills, power of attorney documents, and life insurance up to date—and to confirm beneficiaries so surviving spouses aren’t left unprotected.
Talking openly is the first step. I encourage people to approach the subject in a gentle way—share a meal or pour a glass of wine and ask your partner how they want to be remembered. Framing the conversation around legacy and values can make it easier than bluntly asking what should happen when someone dies.
Women are increasingly taking control of household finances, but I urge every woman to be actively involved in money matters. Financial familiarity is not a gendered obligation; it’s prudent for both partners to understand budgets, bills, loans, insurance and investments. Being informed provides protection against the disruption of divorce, illness, injury or the death of a partner.
Encourage your parents to start estate planning
Women often shoulder caregiver responsibilities, whether caring for children, spouses or aging parents. For those of us in the “sandwich generation,” who care for both kids and parents, it’s vital to ensure our parents have comprehensive end-of-life plans. We frequently become executors or assist executors with closing bank and investment accounts, navigating legal paperwork, and making funeral arrangements.
In a 2021 Willful and 1Password survey of 1,000 Canadian millennials, 56% said they don’t have access to their parents’ online accounts, and about 29% weren’t sure if their parents have a will. That lack of organization makes an already difficult time more stressful and time-consuming for surviving family members.
Because I run an estate planning company, I talk to my parents about documenting funeral and burial preferences, preparing a will and power of attorney, and keeping an up-to-date list of passwords, assets and liabilities alongside legal papers. The best gift grown children can receive is clarity: pre-arranged funeral plans, recorded wishes and accessible documentation greatly reduce uncertainty and avoid unnecessary searching during a crisis.
Make a plan for your kids
Protecting your children’s future is another important element of estate planning. My husband and I have a 16-month-old daughter, and we’ve set up a registered education savings plan (RESP), named her as a beneficiary on our wills and life insurance policies, and appointed guardians in case anything happens to us. These measures are meant to ease the burden on our child and make sure her needs are covered even if the worst occurs.
Financial education is also part of future-proofing. I remember my mother encouraging me to read The Wealthy Barber, and I’m already sharing financial lessons with my daughter. Teaching basic money skills early can help raise financially capable adults who are prepared to manage savings, credit and long-term plans.
While planning for emergencies isn’t pleasant, the COVID-19 pandemic underlined how quickly circumstances can change. Having conversations about wills, life insurance and household finances before a crisis arises empowers families to avoid added stress during difficult times. By encouraging spouses and parents to get organized and by putting plans in place for children, we can reduce uncertainty and build financial resilience for the future.
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