Why You Need a Will
What a Will Does
| Purpose |
Details |
| Names beneficiaries |
Who gets your assets |
| Appoints executor |
Who manages your estate |
| Guardianship |
Who cares for minor children |
| Specific bequests |
Sentimental items, charities |
| Reduces conflict |
Clear instructions |
Without a Will (Intestate)
| Problem |
Consequence |
| Provincial rules apply |
Not your wishes |
| Longer process |
Court involvement |
| Higher costs |
Legal fees, bonds |
| Family conflict |
Potential disputes |
| No guardian choice |
Court decides for kids |
How to Make a Valid Will
Legal Requirements
| Requirement |
Details |
| Age |
18+ (some exceptions) |
| Mental capacity |
Sound mind |
| Written |
Not oral (usually) |
| Signed |
By you |
| Witnessed |
2 witnesses (most provinces) |
Witness Requirements
| Rule |
Details |
| Number |
2 witnesses |
| Age |
18+ |
| Not beneficiaries |
Can’t inherit under will |
| Not spouse of beneficiary |
Also excluded |
| Present together |
Watch you sign |
Options for Creating a Will
DIY Will Kits
| Cost |
$30-$100 |
| Pros |
Cheapest option |
| Cons |
Easy to make mistakes |
| Best for |
Very simple estates |
| Providers |
Staples, bookstores |
Online Will Services
| Service |
Cost |
Features |
| Willful |
$99-$189 |
Guided process |
| Epilogue |
$139-$249 |
Lawyer-reviewed |
| LegalWills |
$40-$100 |
Simple option |
| Pros | Guided, affordable |
| Cons | Limited customization |
| Best for | Straightforward situations |
Lawyer-Drafted
| Complexity |
Cost |
| Simple will |
$300-$700 |
| Mirror wills (couple) |
$500-$1,000 |
| Complex estate |
$1,000-$3,000+ |
| Pros | Personalized, legally sound |
| Cons | More expensive |
| Best for | Complex situations |
When to Use a Lawyer
| Situation |
Why Lawyer |
| Business ownership |
Complex structures |
| Blended family |
Multiple beneficiaries |
| Real estate in multiple provinces |
Jurisdictional issues |
| Disabled beneficiary |
Special needs trust |
| Complex assets |
Investments, property |
| Previous divorce |
Ensure valid |
Key Components of a Will
Essential Elements
| Component |
Purpose |
| Declaration |
States it’s your will |
| Revocation |
Cancels previous wills |
| Executor appointment |
Who manages estate |
| Beneficiaries |
Who inherits what |
| Residue clause |
Everything else |
| Signature |
Your signature |
| Witness signatures |
Their signatures |
Executor Selection
| Good Executor |
Traits |
| Trustworthy |
Honest person |
| Organized |
Can handle paperwork |
| Available |
Time to manage |
| Willing |
Has agreed to serve |
| Financially stable |
Won’t be tempted |
What to Include
| Asset Type |
Examples |
| Real estate |
Home, cottage |
| Bank accounts |
Savings, chequing |
| Investments |
RRSP, TFSA, non-registered |
| Personal property |
Jewelry, vehicles, art |
| Digital assets |
Accounts, crypto |
| Business interests |
Shares, ownership |
Provincial Differences
Witness Requirements
| Province |
Witnesses |
| Most provinces |
2 required |
| Quebec (notarial) |
Notary + 1 witness |
Holographic (Handwritten) Wills
| Recognized |
Province |
| Yes |
AB, SK, MB, ON, QC, NB, NS, NL |
| No |
BC, PEI |
Marriage and Wills
| Province |
Effect of Marriage |
| Most provinces |
Revokes existing will |
| BC, AB |
Does not revoke |
| Quebec |
Does not revoke |
Updating Your Will
When to Update
| Life Event |
Action Needed |
| Marriage |
New will usually |
| Divorce |
Update (may partially revoke) |
| Children born |
Add as beneficiaries |
| Death of beneficiary |
Update beneficiaries |
| Major asset change |
Update bequests |
| Executor can’t serve |
Name new executor |
| Move provinces |
Review validity |
How to Update
| Method |
When Appropriate |
| Codicil |
Small changes |
| New will |
Major changes |
| Review every 3-5 years |
Best practice |
Intestate Succession
What Happens Without a Will
Ontario Example
| Situation |
Distribution |
| Spouse, no children |
Spouse gets all |
| Spouse + children |
Spouse: first $350K + share |
| Children, no spouse |
Children equally |
| No spouse or children |
Parents, then siblings |
BC Example
| Situation |
Distribution |
| Spouse, no children |
Spouse gets all |
| Spouse + children (from both) |
Spouse gets first $300K + 50% |
| Spouse + children (other) |
Spouse gets first $150K + 50% |
Problems with Intestacy
| Issue |
Impact |
| Common-law spouse |
May get nothing (varies) |
| Stepchildren |
Not recognized |
| Charities |
Won’t receive anything |
| Friends |
Won’t inherit |
| Assets to minors |
Court-managed |
Beyond the Will
Also Consider
| Document |
Purpose |
| Power of Attorney (financial) |
Manage finances if incapacitated |
| Power of Attorney (medical) |
Healthcare decisions |
| Beneficiary designations |
RRSP, TFSA, insurance |
Beneficiary Designations
| Override Will |
|
| RRSP/RRIF |
Yes |
| TFSA |
Yes |
| Life insurance |
Yes |
| Joint accounts |
Yes (survivorship) |
Important: Keep beneficiary designations updated and consistent with your will.
Storage and Access
Where to Keep Your Will
| Location |
Pros/Cons |
| Safe deposit box |
Secure but may be sealed on death |
| Home safe |
Accessible but less secure |
| Lawyer’s office |
Professional storage |
| Courts registry |
Some provinces offer |
| Executor’s copy |
Ensure they have one |
Tell Your Executor
| They Should Know |
|
| Will location |
Where to find it |
| Lawyer contact |
If applicable |
| List of assets |
Makes job easier |
| Passwords |
Digital access |