Last will and testament

A last will and testament is a legal document that communicates a person's final wishes pertaining to their assets. This document specifies how your property is to be distributed to your heirs, names the person responsible for overseeing this disposal (the executor but also sometimes trustee, administrator, or liquidator), and suggests who should be responsible for the care of minor children.^[1] A will can also include burial wishes.^[2]

If you die without one, the courts will decide who inherits your possessions and property based on the estate laws in your province.

Ways to create a will

There is no standard last will and testament form. Therefore a last will and testament can be:

handwritten, known as a holographic will, must be written on paper using a pen and must include your original signature. It should be properly witnessed.
from a paper will kit that provides a fill-in-the-blank format. It must bear your original signature and be properly witnessed.
from an online will kit that offer a customizable last will and testament that generally asks questions about your life situation and location of residence and then generates a document for you to sign and have witnessed.
created in consultation and written by a lawyer.

If you are in anything other than the simplest family and financial situation, engage a lawyer to do it right. (Residents of Quebec should consult a notary.) To save the lawyer time and yourself fees, prepare beforehand by:

considering who would make a good executor, preferably a trustworthy adult, younger than you are, and residing in the same province
communicating with the potential executor to verify that they are willing to serve
identifying an alternate should the primary executor be unable or unwilling to serve at your death
identifying trustworthy people who will be good guardians for your minor children (perhaps the same as the executor, perhaps not)
identifying the beneficiaries who will receive your assets and what fraction of your estate will go to each

If you have a spouse, it is best to have the lawyer/notary prepare both wills at the same time to make sure they match. Once completed, the will should be stored in a secure and easy to find place, such as a fire safe or safety deposit box.^[1]

Choosing an executor

An executor is someone who is responsible for executing, or following through on, an assigned task or duty. The feminine form, executrix, may sometimes be used. The executor is named in a will. In general, the executor gathers up the estate assets, pays the deceased’s debts, and divides what remains of the deceased’s estate among the beneficiaries.

Your executor should be advised where your will is located.

Passing away without a will

If you pass away without a will, called dying intestate, what happens with your estate depends on the legislation in your provincial jurisdiction. It is up to the courts to determine who gets what, and in what proportions. The courts takes time and money, which erodes the value of the estate

References

^ ^a ^b Romana King, Estate planning: What you need to know, MoneysSense, October 27, 2015, viewed July 5, 2020.
^ Ontario Securities Commission, Wills explained, viewed July 5, 2020.

External links

Last Will and Testament: Definition, Types, and How to Write One, Investopedia

[King-1] Romana King, Estate planning: What you need to know, MoneysSense, October 27, 2015, viewed July 5, 2020.

[2] Ontario Securities Commission, Wills explained, viewed July 5, 2020.

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