Do I Really Need an Estate Plan (Even If I’m Not Rich)?
- Shannon Williams
- Oct 28
- 3 min read
Many people assume estate planning is only for the wealthy, the ones with mansions, investment portfolios, or family businesses.
But here’s the truth: if you have people you care about, you need an estate plan.
It’s Not About Wealth, It’s About Wishes
An estate plan isn’t just about passing down money. It’s about making sure your wishes are known and followed if something happens to you, and about removing family stress and avoiding costly mistakes.
It covers key decisions such as:
Who will care for your children or dependents
Who will manage your finances or health care decisions if you can’t
How your belongings, big or small, will be distributed
Without a plan, those choices can end up in the hands of the courts, adding both stress and cost for your loved ones.
The Hidden Costs of No Plan
You might save a bit of money by delaying planning, but that “savings” is almost always dwarfed by the financial and emotional costs your family will face without your guidance.
Issue Without a Plan | Example of Family Stress |
Intestacy Rules (The Law Decides) | In Ontario, if you die without a Will (intestate), the law dictates who inherits your assets, potentially giving money to estranged relatives or minor children (requiring court oversight), and leaving out close friends or charities you care about. Your wishes are ignored. |
Probate Delays & Fees | Without a Will, there’s no named executor. Your family must apply to the court to appoint an Estate Trustee. This process is slower and more complex, delaying access to funds needed for daily bills and final expenses. |
Family Conflict | If you haven’t decided who gets the family cottage, jewelry, or even a vintage car, adult children may end up in painful and costly legal disputes. Fights over sentimental items can tear families apart. |
Inability to Manage Assets | If you become incapacitated without a Power of Attorney for Property, your loved ones must go to court to become your guardian. This time-consuming, expensive process is called “passing of accounts.” Bills or mortgage payments could be missed in the meantime. |
Health Care Crisis | Without a Power of Attorney for Personal Care, doctors may rely on general legal principles or the courts to decide treatment if your family disagrees. Your spouse or child may have no legal standing to ensure your end-of-life wishes are respected. |
The Minimum Every Adult Should Have
Even a simple plan can make a world of difference. In Ontario, that usually means:
A Will – to name your executor and outline who receives what.
Power of Attorney for Property – to authorize someone you trust to manage your finances if you can’t.
Power of Attorney for Personal Care – to ensure your health care wishes are respected.
Together, these documents protect you, your family, and your peace of mind.
Why It Matters
Without an estate plan:
The law decides who inherits your assets, not you.
Family members may have to make difficult decisions without guidance.
Settling your affairs becomes slower, costlier, and more emotional.
A thoughtful plan keeps things clear, simple, and aligned with your values, ensuring your legacy is preserved and your loved ones are supported.
You Don’t Have to Do It Alone
You don’t need to be rich to benefit from estate planning, and you don’t need to figure it all out on your own.
I’m Shannon Williams, Founder & Principal of New Dawn Financial Inc., and a CFP®, TEP, CEA with over 20 years of experience. We help individuals and families across Southwestern Ontario review their estate readiness, coordinate with legal professionals, and ensure every piece of the plan fits together seamlessly.
We specialize in demystifying estate services, including executor and trustee appointments and trust structures.
Because estate planning isn’t just about leaving something behind, it’s about bringing clarity, confidence, and peace of mind today.
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