Why You Need a Will
Understanding the importance of estate planning for Canadians
Without a Will, your estate may not automatically pass to your spouse. Assets are distributed by the rules of intestate succession, which vary by province. Having a Will gives you control, reduces delays, and helps your family avoid unnecessary stress during an already difficult time.
Control Over Asset Distribution
Without a Will, your estate is distributed according to provincial intestacy laws, which may not align with your wishes. A Will ensures your assets go to the people and causes you choose.
Protect Your Family
A Will allows you to name guardians for minor children and dependents, ensuring they are cared for by people you trust. It also helps prevent family disputes and confusion during a difficult time.
Reduce Delays and Costs
When someone dies without a Will (intestate), the probate process can be significantly longer and more expensive. A properly drafted Will can streamline estate administration and reduce legal fees.
Avoid Intestate Succession Rules
In Canada, if you die without a Will, provincial law determines how your assets are distributed. Your spouse may not automatically receive everything—assets may be split between your spouse and children according to formulaic rules.
Name an Executor
A Will allows you to choose a trusted executor who understands your wishes and can manage your estate efficiently. Without a Will, the court appoints an administrator, which may not be someone you would have chosen.
Plan for Tax Implications
A Will can help minimize tax consequences for your beneficiaries through proper estate planning strategies. This is especially important for registered accounts like RRSPs and TFSAs.
Additional Considerations
- Update your Will after major life events such as marriage, divorce, birth of children, or significant changes in assets
- Consider creating a Power of Attorney for property and personal care to handle decisions if you become incapacitated
- Review beneficiary designations on registered accounts, insurance policies, and pensions to ensure they align with your Will
- Store your Will in a safe place and inform your executor of its location
Disclaimer: This information is for educational purposes only and does not constitute legal or financial advice. Estate planning laws vary by province in Canada. Please consult with a qualified estate lawyer and financial advisor to create a Will and estate plan that meets your specific needs and complies with provincial laws.