How To Prepare Will In Canada?

Learn how to prepare a legally sound will in Canada with our step-by-step guide. Secure your future and protect your loved ones by following these essential steps.

How To Prepare Will In Canada?

Hey there! So, you’re thinking about preparing a will in Canada, and that’s a great step in securing your future and the future of your loved ones. This guide will walk you through the essential steps and details involved in creating a will that’s legally sound and aligned with Canadian laws. Let’s dive in!

Understanding What a Will Is

A will is a legal document in which you, the testator, outline how your assets and affairs will be managed and distributed after your death. It’s not just about who gets your stuff. It’s also about designating guardians for your children, naming an executor (someone who will carry out your will’s terms), and specifying your final wishes.

Why You Need a Will

Having a will is crucial for several reasons. First, it ensures that your assets are distributed according to your wishes. Without a will, you leave it to the courts to decide who gets what, which can be a lengthy and sometimes contentious process. Secondly, if you have minor children, a will allows you to designate guardians for them — a critical consideration for any parent.

Legal Requirements for a Will in Canada

In Canada, the specific requirements for making a will vary slightly between provinces, but there are general principles that apply nationwide:

• Legal Age: You must be at least 18 years old to create a will, although some provinces allow younger individuals to make a will if they are married or in the armed forces.
• Sound Mind: You must be of sound mind, meaning you understand the nature of your assets and the impact of your decisions.
• Written Document: A will must be written. It can be typed or handwritten, depending on provincial laws.
• Signed and Witnessed: The will must be signed by you and witnessed by at least two people who do not stand to benefit from the will.

For those in Utah, especially if you reside in cities like Salt Lake City or Provo, it’s crucial to cite specific statutes from Utah Code to understand how these principles translate locally. However, the focus here remains on Canadian laws.

Here’s a useful video that breaks down the importance of having a will in Canada: Your Will — A Plan for Your Future

Steps to Prepare Your Will

Step 1: Take Inventory of Your Assets

Start by listing everything you own, including:

• Real estate properties
• Bank accounts
• Investments
• Personal belongings (jewelry, cars, etc.)

Step 2: Choose Your Beneficiaries

Decide who will inherit your assets. These could be family members, friends, or even charities. Be specific in your descriptions to avoid any ambiguity.

Step 3: Designate an Executor

Your executor will ensure your wishes are followed to the letter. This person should be someone you trust implicitly, as they’ll be handling a lot of responsibility. If you’re unsure, consider consulting an estate planning lawyer.

Step 4: Appoint Guardians for Minor Children

If you have children under 18, it’s vital to name guardians in your will. Talk to the people you have in mind beforehand to ensure they’re willing and able to take on this responsibility.

Step 5: Draft Your Will

You have several options here:

• Handwritten (Holographic) Will: For a will to be valid in many provinces, it can be entirely handwritten and signed by you. However, witnessing requirements might still apply.
• Template Forms: Many legal websites offer will templates. These are straightforward forms where you fill in the blanks.
• Hiring a Lawyer: For utmost peace of mind, you should consider hiring an estate planning lawyer to draft a will tailored to your unique situation.

Step 6: Sign and Witness Your Will

Once you’ve drafted the will, you’ll need to sign it in the presence of two witnesses. As mentioned, these witnesses should not be beneficiaries under the will. They also need to be present at the same time for their signatures to be valid.

Step 7: Store Your Will Safely

Keep your will in a safe place, like a secure drawer, a safe deposit box, or with your lawyer. Make sure your executor knows where to find it.

Common Mistakes to Avoid

Understanding the laws and steps is crucial, but knowing what NOT to do is equally important. Here are some common pitfalls:

Not Updating Your Will

Significant life changes such as marriage, divorce, the birth of a child, or a significant change in your financial situation should prompt you to update your will. Failing to do so can lead to outdated or legally invalid instructions.

Choosing the Wrong Executor

Your executor should be someone reliable, organized, and preferably disciplined. An executor with poor management skills can lead to delays and disputes among beneficiaries.

Vague Instructions

Be as specific as possible in your will to avoid any misinterpretations. Clear language ensures your wishes are followed precisely.

Ignoring Tax Implications

Consider the tax implications of your asset distribution. Consulting a financial planner or an estate lawyer can provide clarity and help minimize the tax burden on your beneficiaries.

Special Considerations in Different Provinces

Ontario

Ontario has specific requirements like the necessity for two witnesses and notary services for holographic wills. Electronic wills are not valid in this province as of now. If you’re drafting a will in Ontario, ensure that all formalities are strictly followed to avoid disputes.

Alberta

In Alberta, holographic wills are valid without witnesses as long as they are entirely handwritten. However, it’s always recommended to have two witnesses to avoid any complications.

British Columbia

British Columbia’s wills must adhere to the Wills, Estates and Succession Act (WESA). The act includes provisions for electronic wills, making it one of the few provinces to recognize them under specific conditions.

Protecting Your Assets and Family with Your Will

Creating a will is an act of love and responsibility. It protects your family and assets, providing clear instructions on what should happen upon your death. By planning ahead, you reduce the emotional and financial burden on your loved ones.

Real-World Application Scenarios

Scenario 1: Young Family in Calgary

You’re a young family residing in Calgary with two children under 10. Your primary assets include a family home, some savings, and insurance policies. Your main concern is appointing guardians for your children and ensuring they inherit equally. You draft your will, outline the distribution, name guardians, and store your document safely. Upon an unexpected event, your instructions ensure that your children are provided for and receive the care you intended.

Scenario 2: Retiree in Vancouver

You’re a retiree living in Vancouver with substantial investments and several properties. Your children live in different cities, and you wish to divide your assets between them while leaving a portion to a local charity. By consulting with an estate planning lawyer, you ensure your complex estate is managed according to your wishes, reducing potential tax burdens and legal disputes.

Understanding the Laws that Protect You

Canadian laws surrounding wills are designed to protect your rights and ensure your wishes are honored. For instance, if someone challenges your will, the courts will generally look to uphold it as long as it meets all legal requirements.

Dispute Resolution

In cases where disputes arise, Canadian courts often aim for resolutions that reflect the probable wishes of the testator while considering fairness to all parties involved. An accurately drafted and frequently updated will reduces the chances of such disputes.

Regulations and Statutes

Different provinces have different regulations and statutes governing wills. For example, Ontario’s Succession Law Reform Act governs wills and estates in Ontario, ensuring the legal framework supports clear asset distribution instructions.

FAQs About Preparing a Will in Canada

1. Can I draft my own will without a lawyer?

Yes, you can draft your will without a lawyer using online templates or by writing a holographic will. However, consulting an estate planning lawyer ensures your will adheres to all legal standards and addresses complex situations.

2. What happens if I die without a will?

If you die intestate (without a will), your estate will be distributed according to provincial intestacy laws. This can be a lengthy process and may not reflect your wishes.

3. How often should I update my will?

You should review your will every few years or after significant life events such as marriage, the birth of a child, or the acquisition of substantial assets.

4. Can I change my will after it’s been signed?

Yes, you can amend your will anytime by adding a codicil (an amendment). Ensure it’s signed and witnessed similarly to the original will.

5. Do all wills need to be probated?

Not all wills require probate, but it is often necessary to validate the will legally and administer your estate, especially if there are significant assets or disputes.

Conclusion

Creating a will in Canada is a thoughtful and vital step in ensuring your wishes are respected and your loved ones are taken care of. Although you can draft a will yourself, consulting an estate planning lawyer can provide peace of mind and expert guidance tailored to your unique circumstances. Proper preparation, clear instructions, and regular updates to your will protect your interests and reduce potential complications.

To speak with an estate planning attorney, call Lawyer Jeremy Eveland at (801) 613–1472. Your thoughtful planning today can make a significant difference for those you care about most.

If you found this article helpful, please clap, leave a comment, and subscribe to our Medium newsletter for more updates on estate planning and other legal topics! Jeremy Eveland 8833 S Redwood Rd West Jordan Utah 84088 (801) 613–1472

The information contained in this article is for information purposes only and is not legal advice. For legal advice, hire a competent lawyer in your jurisdiction.