A Will, or a Last Will and Testament, is a legal document that describes how you would like your property and other assets to be distributed after your death. When you make a Will, you can also use it to nominate guardians for your children, dependents, or pets.
From your estate, you can choose to leave specific gifts to individuals, as well as legacy donations to charities and organizations that are close to your heart. Anything left over is called your ‘residual estate,’ or simply ‘the residue.’ The most current version of your will, if executed wholly and correctly, should override previous versions of your will or verbal agreements you may have made during your lifetime.
A Will can be a very simple document or one that is complex and contains codicils. A codicil is a Will amendment, a statement that adds to or changes the Will in some way without having to rewrite the entire Will.
A Will determines who controls your estate after your death (the executor/trustee). It identifies the beneficiaries that will receive all or part of our estate.
Having a Will reduces estate expenses which increase should a person pass away without a Will (Intestate). When a person passes away Intestate the Courts and legislation is used to determine who is entitled to the proceeds of your estate and how much those beneficiaries will receive. This is known as Intestate Succession.
If there is no Intestate Succession (where the courts cannot determine a beneficiary or there is no beneficiary) then all of the authority, rights and property goes to the Government.
Many people assume that they are “too young” to need a will. Some people believe that they don’t own enough assets or have a big enough net worth to necessitate a will. Having even a short and uncomplicated Will is preferable to not having one at all.
It is also important to know that should you have children that require guardianship and you pass away Intestate and your Spouse is also deceased or unfit to act as the parent of your children, the Court will appoint someone to care for your children. This person may not be the person you would have chosen as the Guardian for your children. The Estate can contest the Guardianship appointment but it will result in incurring needless expense.
How old do I have to be to have a Will?
- In Canada you must be the age of majority and of sound mind. The exception to this rule is British Columbia where you must be at least 16 years of age. In British Columbia there are exceptions to this rule as well. For more specifics contact a qualified Legal Representative.
Can my will be digital?
- All Canadian provinces, except British Columbia, require a Will to be in writing. However, in British Columbia your Will can be digital and stored online.
How many witnesses do I need for my Will?
- A minimum of two witnesses must be present and sign that they have witnessed your signature on the Will document. The witnesses cannot be beneficiaries (or their spouse) or named Executors (or their spouse).
- In British Columbia the witness signatures can be done online if the document is in digital format.
How long is a Will valid for?
- A Will never expires. It can however be replaced by a more current will.