Having a will is important (and easier than you think)

With no clear deadline, and not a fun topic to think about, many Canadians still don’t have a will. But if you’ve spent years building your life, your wealth, and your family’s future, a will is one of the easiest ways to protect it.

What does a legacy actually do?

A will is often misunderstood as a complex legal document full of technical jargon, but at its core it is incredibly simple. It answers three important questions:

• Who handles everything when you’re gone? (your manager)
• Who gets your property? (Your beneficiaries)
• Who takes care of your children or pets? (Your trustee and/or guardian, if any)

Think of your will as a high-level instruction manual for how to handle your affairs after you’re gone. A will does not need to get into the mess of your financial affairs, which is a constantly changing situation, and it does not require you to list all your assets.

What happens if you don’t have a will?

If you pass away without a will, the government steps in and makes those decisions for you based on a set formula. That means:

• Your goods may not go where you intended
• Your family may face delays and additional costs
• A stranger (the court) can decide who owns your estate
• Surveillance decisions can be made without your input

Most people don’t want that level of uncertainty, especially if it’s completely avoidable. Even if you think “I’ll be dead, not my concern,” your family and/or beneficiaries may disagree. By not having a will, you are leaving a mess—not how you want to be remembered.

Why do so few people have wills?

Despite how important it is, more than half of Canadians still don’t have a will, and even more haven’t updated theirs in years. The reasons don’t change:

• It sounds I’m uncomfortable talk about it
• It sounds complex and it’s amazing
• It seems it is expensive
• There is no truth urgency

But here’s the truth: making a will is often much easier, faster, and more accessible than people expect.

How to make a will

Many people think that they need to collect everything about their finances before they start, but that is not true. In fact, you need to think about it people, not papers. Who do I trust to manage my estate? Who do I want to receive my inheritance? Who can take care of my children (and/or pets) if something happens to me?

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Answering those questions are key decisions to be made; everything else is more detailed. Your complete financial picture (accounts, properties, debts, etc.) should stay in a separate document to make the executor’s job easier, but you don’t have to complete a will.

Related reading: Check out Wealthy Life’s Estate Planner workbook for guidance.

Choosing the right manufacturer

Your executor is the person responsible for carrying out your wishes. It is not just a title of honor; it can involve hundreds of hours of work. Most people don’t want that job, so make sure you ask them first. Being named without warning is like being offered a part-time job that you didn’t apply for.

Most people choose a spouse, family member, trusted friend, or business executor (attorney or trusted company). The key qualities you should look for in your nominee are organizational skills, reliability, determination, and the ability to take on a role when needed.

Major errors of the will

Over the years, a few common mistakes have come up over and over again:

• To create a completely DIY will without a guide: Handwritten wills are legal, but often incomplete, which can cause conflict after you leave and may cause your wishes to be disrespected.
• Using standard will templates: They rarely reflect reality—especially for blended families and business owners.
• It does not update your will: Life changes, so your will must, too.
• Leaving important information out of your will: It’s important to be aware of things like backup providers or how assets are distributed over time. For example, without clear instructions, children can receive a lump sum of money at the age of 18, whether you are comfortable with it or not.

Online Wills vs Lawyers

This is one of the biggest questions people have, and it really comes down to which one is right for your situation:

If your situation is specific, online tools can be a great start. If there is complexity, risk of conflict, or valuable assets, professional advice is often appropriate.

Remember: Your will is not everything

This is important information that many people miss. Some assets do not go in your will at all, including: