What is a Will and Why Do I Need One?

What Is a Will?

A Will is a legal document that sets out how you want your property to be managed and distributed after your death. Your estate may include assets such as a house, a cottage, bank accounts, investments, vehicles, personal belongings, and other property that you own.

In your Will, you can name the individuals or organizations that you want to benefit from your estate. You may leave specific gifts, divide the remainder of your estate among selected beneficiaries, or establish trusts for your children or other beneficiaries who will not receive their inheritance immediately.

A Will also allows you to appoint an Estate Trustee, commonly called an Executor. Your Estate Trustee is responsible for administering your estate, which may include locating and safeguarding assets, paying debts and taxes, applying for a Certificate of Appointment of Estate Trustee where required, and distributing the estate in accordance with your Will.

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Who can make a Will?

Generally, to make a Will, the testator (the person making the Will) must:

  • Be at least 18 years old;
  • Be of sound mind and have testamentary capacity at the time the Will is made;
  • Know and approve of the contents of the Will; and
  • Be acting freely and voluntarily, without undue influence.

What happens if I die without a Will?

Estate planning is not only for older adults or people with substantial wealth. Anyone who owns property, has children, supports a partner or other family member, or wants control over what happens to their assets should consider making a Will.

If you die without a valid Will, you are said to have died “intestate.” In that situation, Ontario’s Succession Law Reform Act determines who is entitled to receive your property. The result may be different from what you intended.

For example, the intestacy rules do not automatically provide an inheritance to a common-law partner. They also do not account for friends, stepchildren, charities, or causes that may be important to you. Without a Will, you also lose the opportunity to choose the person who will administer your estate.

Having a properly drafted Will can make the administration of your estate organized and predictable. It can provide your estate trustee with clear authority and instructions, reduce disagreements among family members, and help avoid uncertainty about your wishes. A Will can also address circumstances such as a blended family, a beneficiary with a disability, minor beneficiaries, business interests, or property located in another jurisdiction.

A Will should also be reviewed periodically. Marriage, separation, divorce, the birth of a child, the purchase or sale of a home, or a significant change in finances may affect whether your existing Will still reflects your intentions.

Speaking with an estates lawyer can help ensure that your Will is properly prepared, legally valid, and tailored to your circumstances.

Written By:
Sawyer Fobert
Associate Lawyer

What is a Will and Why Do I Need One?

What Is a Will?

A Will is a legal document that sets out how you want your property to be managed and distributed after your death. Your estate may include assets such as a house, a cottage, bank accounts, investments, vehicles, personal belongings, and other property that you own.

In your Will, you can name the individuals or organizations that you want to benefit from your estate. You may leave specific gifts, divide the remainder of your estate among selected beneficiaries, or establish trusts for your children or other beneficiaries who will not receive their inheritance immediately.

A Will also allows you to appoint an Estate Trustee, commonly called an Executor. Your Estate Trustee is responsible for administering your estate, which may include locating and safeguarding assets, paying debts and taxes, applying for a Certificate of Appointment of Estate Trustee where required, and distributing the estate in accordance with your Will.

Press Here To Call Now

Who can make a Will?

Generally, to make a Will, the testator (the person making the Will) must:

  • Be at least 18 years old;
  • Be of sound mind and have testamentary capacity at the time the Will is made;
  • Know and approve of the contents of the Will; and
  • Be acting freely and voluntarily, without undue influence.

What happens if I die without a Will?

Estate planning is not only for older adults or people with substantial wealth. Anyone who owns property, has children, supports a partner or other family member, or wants control over what happens to their assets should consider making a Will.

If you die without a valid Will, you are said to have died “intestate.” In that situation, Ontario’s Succession Law Reform Act determines who is entitled to receive your property. The result may be different from what you intended.

For example, the intestacy rules do not automatically provide an inheritance to a common-law partner. They also do not account for friends, stepchildren, charities, or causes that may be important to you. Without a Will, you also lose the opportunity to choose the person who will administer your estate.

Having a properly drafted Will can make the administration of your estate organized and predictable. It can provide your estate trustee with clear authority and instructions, reduce disagreements among family members, and help avoid uncertainty about your wishes. A Will can also address circumstances such as a blended family, a beneficiary with a disability, minor beneficiaries, business interests, or property located in another jurisdiction.

A Will should also be reviewed periodically. Marriage, separation, divorce, the birth of a child, the purchase or sale of a home, or a significant change in finances may affect whether your existing Will still reflects your intentions.

Speaking with an estates lawyer can help ensure that your Will is properly prepared, legally valid, and tailored to your circumstances.

Written By:
Sawyer Fobert
Associate Lawyer