The topic of death can be morbid, and writing a will may not be the most enjoyable task. However, it is an essential one! You’ll be helping your loved ones after you pass on.

The process of writing a will may seem daunting, but it doesn't have to be. 

In this article, we'll provide a simple guide to writing a will in Canada, so you can be sure that your assets are distributed as you wish. 

Whether you're a young adult just starting out or a senior looking to update your estate plan, this guide will provide you with the information you need to write a simple and effective will.

Why Do You Need To Write a Will?

A will is a legal document that outlines how you want your assets to be distributed after you die. 

Many people mistakenly believe that wills are only for the wealthy, but everyone should have a will. 

Without a will, your estate will be divided according to provincial law and not necessarily according to your wishes. 

Think about the possible disputes your loved ones could have if you forget about writing a will! 

Instead, prepare your will and prevent fights while also maximizing the value of your estate.

Writing a will also minimizes fees and expenses associated with not having one.

By writing a will, you ensure that your final wishes are observed and that your loved ones are not burdened with added and unnecessary legal expenses.

What Can You Determine in Your Will?

A well-drafted will allows you to determine several important things, including the following:

• Who the executor and administrator of your estate will be
• Who the guardian of your children will be, if both you and your spouse die while your children are young
• How your estate will be shared among your family
• How your business interests are to be handled
• How your charitable donations will be distributed
• What will happen with your home, your car, and any family heirlooms

How To Write a Will in Six Steps

Step 1: Make a List of Your Assets

Make a list of all your assets, including your home, car, bank accounts, investments, and any personal property you own. This will give you a clear idea of the value of your estate and what you have to distribute.

Step 2: Choose an Executor

Select someone you trust to be the executor of your estate. This person should be responsible, organized, and willing to take on the role.

Step 3: Choose a Guardian for Your Children

If you have young children, choose a guardian who will be responsible for their care in the event of your death.

Step 4: Decide on the Distribution of Assets

Decide who will receive your assets and how they will be distributed. You can choose to divide your estate equally among your children or give specific gifts to family members or friends.

Step 5: Write Your Will

Once you have made these decisions, you can write your will. There are several options for writing a will, including using a do-it-yourself kit or hiring a lawyer or notary public. 

A do-it-yourself kit may be suitable for simple wills, but for more complex estates, it is recommended to seek professional legal advice.

Step 6: Sign and Date Your Will

Once you have completed your will, sign and date it in the presence of two witnesses who are not beneficiaries under your will. This ensures that your will is legally valid.

Three Special Considerations for Canadian Wills

If you’re writing a will in Canada, there are a few special things to consider.

Province: One of the most important aspects is ensuring that your will is legally valid in your specific province or territory. 

Each province and territory has its own laws regarding wills, and it's crucial to follow these laws to ensure that your will is enforceable. 

Tax Implications: Moreover, it's important to consider tax implications when drafting your will, as there may be taxes owed on your estate after your death. 

Overseas Assets: Another thing you need to keep in mind is assets in multiple countries (if this applies). Remember to consider the laws of those countries when writing your will to ensure that your wishes are respected. 

A lawyer or notary public can provide valuable guidance on these and other considerations when writing a will in Canada.

Consult With a Lawyer or Notary Public

When preparing a will, it’s important to follow certain rules for it to be valid—an invalid will serves no one. This is why you should consult with a lawyer or notary public! 

By getting professional help, you’ll ensure that your will is properly drafted and enforceable!

How Often Should I Review My Will?

Many people make the mistake of preparing a will and never looking at it again.

A good rule of thumb is to review your will when there is a significant change in your life or your family such as marriage, divorce, or the arrival of children and grandchildren. 

Additionally, it’s a good practice to review it every five years to make sure it is current and incorporates any changes in income tax, family, or succession law.

Prepare for the Future Today!

Writing a will is an essential step in planning for the future. 

While it may not be a pleasant topic to consider, taking the time to plan your estate can provide peace of mind to yourself and your loved ones.

At Insightful Wealth Group, we believe that having a financial plan forms the foundation necessary to grow, protect and transfer wealth from one generation to the next. 

Talk to us to learn more and make educated decisions you can stand behind!

This article has been prepared by Raymond James Ltd. (“RJL”). It expresses the opinions of the writer, and not necessarily those of RJL. Statistics, factual data and other information are from sources believed to be reliable, but accuracy cannot be guaranteed. It is furnished on the basis and understanding that RJL is to be under no liability whatsoever in respect thereof. It is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. RJL, its officers, directors, employees and their families may from time to time invest in the securities discussed in this newsletter. It is intended for distribution only in those jurisdictions where RJL is registered as a dealer in securities. Distribution or dissemination of this newsletter in any other jurisdiction is strictly prohibited. This newsletter is not intended for nor should it be distributed to any person residing in the USA. Raymond James Limited is a Member Canadian Investor Protection Fund.

The information above is from sources believed to be reliable, however, we cannot represent that it is accurate or complete and it should not be considered personal tax advice. We are not tax advisors and we recommend that clients seek independent advice from a professional advisor on tax-related matters.