November 28, 2018

Things to consider when making a will

A man and his son wash a car together. A man and his son wash a car together.

Creating a will is one of those things you know is important, but is also so very easy to put off.  Don’t worry, you’re not alone. A recent survey conducted by the Angus Reid Institute showed that over halfOpens a new website in a new window of adult Canadians don’t have a will. 

There are several reasons people procrastinate when it comes to making a will – cost, confusion about what’s required, and most importantly, the fact it forces you to think about something most of us would rather not contemplate, our own death.

Fortunately, there are resources to help you create a will and to decide what approach you will take. There is no legal obligation to create a will, but having one is important because it helps ensure your wishes are carried out after you die. This can include who receives your assets, such as cash savings, stocks or real estate. It can also include instructions about who will care for your children or other dependents, how you want to be remembered in ceremonies, such as a funeral, and even how your remains are disposed of. 

Making a will in Canada

The Financial Consumer Agency of Canada (FCAC) defines a will as a legal document that states how you want your estate to be divided after you die. Your estate includes what you own (assets) and what you owe (liabilities). If you don't have a will, the laws in your province or territory will determine how your estate is divided.

One key item you should identify in your will is the executor: This person is responsible for managing how your estate is distributed and ensuring the directions you left in your will are followed. 

The duties of an executor can range from filing court papers to contacting people named in the will to discuss how the assets will be divided. If you don’t name an executor, provincial courts will do so after you die. 

If you have children or dependents, you’ll want to name someone who would be responsible for caring for them after you die. This is an incredibly important decision that should not be made without careful consideration. It also leads to other questions and decisions, such as how the caring and raising of your children would be paid for and how involved your relatives would be in their lives.

The FCAC has more informationOpens a new website in a new window about the overall process of estate planning and the specific laws in your province or territory.

Do you need a lawyer to make a will? 

No. You can make your own willOpens a new website in a new window. This may be the most cost-effective solution in the short term, however there are some important things to remember. First, if your estate and/or your wishes are complex, then it might be worth seeking legal assistance. And how can you know if this is the case? For example, are you a business owner? Do you have debt that will need to be paid off after you die? Do you have assets such as property outside Canada? Do you have children from more than one partner? If you’re answering yes, then your will won’t necessarily be straightforward. It’s also important to make sure you are aware of all your assets – such as holdings in Registered Retirement Savings Plans (RRSPs) or Tax Free Savings Accounts (TFSAs) and money accumulated in work pension plans. 

Then there are your liabilities – such as a mortgage or a line of credit. Making a list of all your assets and liabilities (and the passwords and account information associated with them) can be a good start to this process. This information will also be useful to those charged with executing your will.

Seeking professional legal assistance with a will helps ensure all your documents are prepared and witnessed properly. There are also ways to mitigate some of the costs you’ll incur in legal fees. For example, if you feel your wishes and your estate are relatively simple, you could hire a lawyer to review a will you create on your own, as opposed to having the lawyer create one for you.  

Can I handwrite a will? 

Yes. You can write your own will, but make sure it is all in your own handwriting. Again, this may be a cost-effective solution in the short-term, but you run the risk of not including all the relevant information or omitting necessary details.

How often should I update my will? 

Adrian Mastracci, a portfolio manager who writes about personal finance, told the Globe and Mail that you should update your will every two to five yearsOpens a new website in a new window. It’s important to cover off major life changes such as the birth of children or grandchildren, and changes in your financial situation.

What is a will kit? 

A Canadian couple making a will can expect to pay lawyer fees of over $1,000Opens a new website in a new window. Companies such as Staples and Walmart offer do-it-yourself will kits for a fraction of this cost, however, whether you decide to go this less expensive route depends on your personal situation and the complexity of your estate.

The bottom line is that it’s a good idea to create a will, even if you're not sick or don't seek legal advice.

The information provided is based on current laws, regulations and other rules applicable to Canadian residents. It is accurate to the best of our knowledge as of the date of publication. Rules and their interpretation may change, affecting the accuracy of the information. The information provided is general in nature, and should not be relied upon as a substitute for advice in any specific situation. For specific situations, advice should be obtained from the appropriate legal, accounting, tax or other professional advisors.


You can learn more about disability insurance, including how it compares to critical illness insurance, by talking with a financial advisor. Contact an advisor today. 

1 Jeremy Cato, "Savvy shoppers knock about $4,000 off car prices in Canada,”Opens a new website in a new window The Globe and Mail, May 30, 2014.

2 On Canadians’ love of their vehicles and driving: Maham Abedi, "More than half of Canadians plan to keep driving past age 80: survey,”Opens a new website in a new window, Aug. 2, 2017; on the average price of a Canadian home: "National Price Map,”Opens a new website in a new window The Canadian Real Estate Association, Nov. 24, 2017.

3 "So, how much are we earning? The average Canadian salaries by industry and region,”Opens a new website in a new window, Nov. 30, 2016.

4 Canadian Institute of Actuaries (CIA) 86-92 & 2012 Society of Actuaries – Individual Disability Experience Committee Table.

5 Ibid.

6 These examples are for illustrative purposes only. Situations will vary according to specific circumstances. Actual amounts are subject to your age and occupation. Some limitations apply.

This information is general in nature, and is intended for informational purposes only. For specific situations you should consult the appropriate legal, accounting or tax advisor.

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