How to make a will: What you need to know

Writing a will isn’t always top of mind, but it’s one of the most practical and meaningful steps you can take to protect your legacy. A well-prepared will ensures your assets are distributed in accordance with your wishes and can ease stress for your loved ones during a difficult time.

Having answers to common questions about making a will can help you better prepare and feel more confident.

What to know before making a will in Canada

What information do I need to make a will?

To save time and potentially money, get all your ducks in a row before you sit down and write your will. Here’s a short list of questions to answer before you plan your estate with a legal document.

• Whom will you name as your executor?
• If applicable to you, whom will you name as guardians of your children?
• What property do you own? This can include investment and bank accounts, real estate, cars, insurance policies, etc.
• Who are your beneficiaries? What assets do you want to leave them? Be as specific as you can.
• What accounts do you have that your executors will need access to? List your bank accounts, investments, debts, etc.
• What are your wishes for your funeral, such as the type of celebration of life and your preferences for burial? Ensure your final wishes are communicated.

Once you have all this sorted, you’re ready to write your will.

Do I need to name an executor in my will?

While you don’t need to name an executor, every estate requires one. If no one is named in the will, one is assigned by the court. Let’s go over what an executor is. It’s the individual you choose to manage and distribute your assets in accordance with your wishes. An executor is your trustee, personal representative or liquidator.¹ It’s a big responsibility: this person will be responsible for closing your accounts, paying your final tax bill, distributing your assets, etc. This can be a huge responsibility for your loved ones to take on, and they may lack the financial knowledge and capacity for this role. If this is a concern, you can name an alternative executor or a professional trust company as primary or alternate executor.

When naming an executor, choose someone who you can rely on and who won’t be overwhelmed by decision-making. Keep in mind that you can choose more than one person.

How often should I update my will?

Major life events are good reasons to review and update your will. Situations like having a child, getting a divorce, buying a house or second property, inheritances, health events and executor incapacity, among others, are reasons to reevaluate your will.

Outside of those life events, it’s a good idea to review your will every three to five years to ensure it still aligns with your wishes.

Can I write a will myself?

Yes, but there are risks associated with it. To write a will, you need to be at the age of majority in your province or territory, be of “sound mind” (legal speak for mentally well and clear-headed) and be able to sign the will and have it witnessed by an independent party (someone who is not a beneficiary). However, as with all legal contracts, there are nuances and intricacies in drafting a will that the average person may overlook, which can cause unintended complications when it comes to distributing your assets. It may be wise to consider consulting a professional.

What are the options for drafting a will?

What is a will kit?

A will kit is a fill-in-the-blank will template and is an affordable way to create a basic will. Before choosing a will kit, consider whether it fits your estate complexity and personal circumstances.

When should I use a lawyer to write my will?

Using a lawyer to draft a will is always an option. In more complex situations, such as blended families, business owners, international property and international wills, among others, it may be wise to discuss your will planning with a lawyer. Even if you don’t think your situation is complicated, it could still be helpful to discuss your will with a lawyer to ensure all the i’s are dotted and t’s are crossed.

How does having a will save time?

As mentioned, if you do not have a will with a named executor, the court will assign an executor to administer the estate, who will then divide your assets in accordance with the law. This can take time. In addition, many wills need to be probated in Canada. Probate is the legal process of validating your will. It can take as little as a few weeks for some wills, but it’s not uncommon for it to take eight months to more than a year to complete.² Not having a will can make the process of administering your estate slow.

When and why to update your will

Should I appoint a guardian for minor children in my will?

If you have minor children under the age of majority in your province or territory, you will want to appoint a legal guardian in your will. Think about whom you trust to care for your children should something happen to you, and understand if that person or couple is comfortable with that responsibility. Have conversations about what custody could mean to them.

What happens if I don’t write a will?

If you don’t have a will, the courts may decide how to divide and distribute assets. It’s meant to be “fair,” but the default legal treatment may not align with your wishes or your family’s needs.

Where should I store my will for safekeeping?

Your executor needs your original will, so you want it accessible in a safe place. Consider storing the original in a safety deposit box or a safe, or with your lawyer, if one drafted your will. And let your executor know where it is, so they can access it when the time comes.

Beyond the will

What is a power of attorney (POA), and how does it relate to my will?

There are two types of POAs. A financial POA is a legal document that grants your attorney the authority to manage your financial decisions and your assets when you are alive but unable to make decisions yourself (e.g., out of the country, incapacitated, etc.). There is also a POA for personal care, a separate legal document that allows someone to make health care and personal decisions when you are unable to. When you draft your will, it’s wise to draft your POAs too. You can name your spouse/partner, adult child, family member, friend or a hired professional as your power of attorney.