Will

The Importance of Having a Will

Creating a will is one of the most important steps in protecting your loved ones and planning your financial future. A valid will helps ensure that your wishes are followed after your death and provides clarity for your family during a difficult time.

Having a will can help:

Help minimize unnecessary stress, delays, and expenses for your loved ones.
Ensure your estate and assets are distributed according to your wishes;
Protect your children and other dependents by ensuring they are properly cared for;
Ensure your estate is managed according to your intentions;
Reduce the risk of legal disputes among family members;

What Happens If You Die Without a Will?

If you pass away without a will (known as dying intestate), your wishes may not be followed—even if they are known to your loved ones. Instead, your estate will be distributed according to provincial law, which may lead to delays, additional costs, and unintended outcomes for your family.

Dying without a will may result in:

A slower and more expensive estate distribution process;
Higher legal fees and taxes that may reduce the value of your estate;
Your spouse receiving less than you intended;
Your children receiving their inheritance at the age of majority, regardless of their financial maturity or ability to manage it responsibly;
Family heirlooms and valuable personal belongings being sold instead of passed down to future generations;
The court appointing an estate administrator who may not have been your preferred choice.

Why Should You Consult a Lawyer?

Preparing a legally valid will requires careful wording and compliance with specific provincial laws. Even a poorly written or unclear sentence can create confusion, lead to legal disputes, or potentially invalidate part or all of your will. Consulting a qualified legal professional helps ensure your wishes are clearly documented and legally enforceable, while reducing the risk of complications for your heirs.

Benefits of consulting a legal advisor include:

Ensuring your will complies with provincial legal requirements;
Reducing the risk of misinterpretation, disputes, or legal challenges;
Clearly defining your wishes in legally enforceable terms;
Helping prevent costly legal complications for your beneficiaries;
Ensuring unclear or improperly prepared sections do not invalidate your will;
Identifying legal and financial planning opportunities through collaboration with tax professionals.

While lawyers prepare the legal will, tax and financial professionals can help identify additional estate planning and tax-saving opportunities.

Questions to Consider Before Meeting a Lawyer

Before consulting a legal advisor about your will and estate plan, it is helpful to think about the important decisions you want reflected in your documents. Preparing these details in advance can help make the process smoother and ensure your wishes are clearly communicated.

Key questions to consider include:

Who should act as the executor and trustee of your will? Have they agreed to take on the responsibility, and do you have an alternate choice?
What powers and responsibilities should your executor or trustee have?
Who should become the guardian of your children if both you and your spouse pass away while they are still minors?
Do you want your children to inherit the estate only after both parents have passed away?
Should inheritances be distributed as a lump sum or in installments?
Do you want to leave specific gifts or bequests to friends, family members, or charities?
How should your business interests be managed or transferred?
What should happen to your home and other real estate properties?
How would you like personal belongings such as vehicles, jewelry, household items, collectibles, and other personal effects to be distributed?
Do you want to establish a trust for any beneficiary?

When Should You Update Your Will?

Once you have prepared your will, it is important to keep it current. Your will should be reviewed regularly and updated whenever a significant change occurs in your life, your financial situation, or the lives of your beneficiaries. Keeping your will up to date helps ensure your wishes continue to reflect your current circumstances and that your estate plan remains effective.

You should consider updating your will when:

You get married or divorced;
A child, grandchild, or other family member is born or passes away;
Your children reach adulthood or become financially independent;
You buy or sell a business, home, or other major property;
Your financial situation changes significantly;
There are changes in tax laws, family laws, or estate and succession regulations;
Your chosen executor, trustee, guardian, or beneficiary changes.

As a general best practice, your will should be reviewed every 3 to 5 years—or immediately after any major life event or legal change.

The Benefits of Having a Properly Written Will

A professionally prepared and legally valid will is an important part of a strong financial plan. It provides peace of mind by helping protect your family, your assets, and your future wishes while reducing potential legal and financial complications for your loved ones.

A properly drafted will can help:

Ensure your family’s future needs are properly addressed;
Ensure your assets are distributed according to your wishes;
Simplify the estate administration process;
Reduce unnecessary legal fees, court costs, taxes, and probate expenses;
Help preserve the value of your estate for your beneficiaries;
Provide clarity and reduce the risk of disputes among family members;
Support long-term financial security for your loved ones.

A will, combined with:

Debt reduction;
Emergency savings;
Disability insurance;
Life insurance; and
Regular savings and financial planning,

can provide a solid foundation for protecting your family now and in the future.

Your insurance advisor and legal professionals can also help you review estate planning considerations and explain how life insurance may support your overall estate and financial planning strategy.

The Role of Your Insurance Advisor

Your insurance advisor can play an important supporting role in your estate planning process by working alongside your lawyer and tax professionals to help build a well-rounded financial strategy for your family.

Your insurance advisor can help by:

Identifying important estate planning issues to discuss with your lawyer;
Providing guidance on how life insurance can be used to support your estate planning goals;
Explaining how insurance solutions can help protect your family financially;
Collaborating with your legal and tax advisors to develop a comprehensive financial plan for your estate.