Since there isn’t a clear deadline, and it’s not exactly a fun topic to think about, many Canadians are still without a will. But if you’ve spent years building your life, your wealth, and your family’s future, a will is one of the simplest ways to protect it.
What does a will actually do?
A will is often misunderstood as a complicated legal document full of technical jargon, but at its core it’s surprisingly simple. It answers three key questions:
- Who handles everything when you’re gone? (Your executor)
- Who gets your assets? (Your beneficiaries)
- Who takes care of your children or pets? (Your trustee and/or guardian, if applicable)
Think of your will as a high-level instruction manual for how to handle your affairs when you are no longer here. A will doesn’t need to get into the nitty gritty of your financial affairs, which is an ever-changing state, and it doesn’t require you to list every single asset you own.
What happens if you don’t have a will?
If you pass away without a will, the government effectively steps in and makes those decisions for you based on a preset formula. That means:
- Your assets may not go where you intended
- Your family could face delays and added costs
- A stranger (the court) could decide who manages your estate
- Guardianship decisions could be made without your input
Most people don’t want that level of uncertainty, especially when it’s completely avoidable. Even if you are thinking “I’ll be dead, not my concern,” your family and/or beneficiaries would likely disagree. By not having a will in place, you are leaving a mess for others to clean up—which is perhaps not how you’d like to be remembered.
Why do so few people have wills?
Despite how important it is, over half of Canadians still don’t have a will, and even more haven’t updated theirs in years. The reasons are fairly consistent:
- It feels uncomfortable to talk about
- It feels complicated and overwhelming
- It seems expensive
- There isn’t any real urgency
But here’s the reality: creating a will is often far simpler, faster, and more accessible than people expect.
How to create a will
Most people assume they need to gather everything about their finances before they begin, but that’s not true. In reality, you mainly need to think about people, not paperwork. Who do I trust to handle my estate? Who do I want to receive my assets? Who would care for my children (and/or pets) if something happened to me?
Answering those questions are the main decisions that need to be made; everything else is added details. Your complete financial picture (accounts, properties, liabilities, etc.) should live in a separate document to make your executor’s job easier, but isn’t required to complete a will.
Related reading: Check out The Wealthy Life’s Estate Planner workbook for guidance.
Choosing the right executor
Your executor is the person responsible for carrying out your wishes. It’s not just an honorary title; it can involve hundreds of hours of work. Many people do not want that job, so be sure to ask them first. Being named without warning is like being assigned a part-time job you didn’t apply for.
Most people choose a spouse, family member, trusted friend, or corporate executor (lawyer or trust company). The key qualities to look for in the person you appoint are organizational skills, reliability, willingness, and capacity to take on the role when needed.
Biggest will mistakes
Over the years, a few common mistakes have come up repeatedly:
- Creating a will completely DIY without guidance: Handwritten wills are legal, but often incomplete, which can create conflict after you are gone and may result in your wishes not being honored.
- Using generic will templates: They rarely reflect real-life situations—especially for blended families and business owners.
- Not updating your will: Life changes, so your will should, too.
- Leaving key details out of your will: It’s important to note things like backup executors or how assets are distributed over time. For example, without clear instructions, children might receive a lump sum at age 18, whether you’re comfortable with that or not.
Online wills vs. lawyers
This is one of the biggest questions people have, and it really comes down to which one is appropriate for your situation:
| Online options | Lawyers |
|---|---|
| Fast (often 15–20 mins) | More expensive ($1,000+) |
| Affordable (~$100–$200) | More personalized |
| Guided and easy to update | Better for complex situations |
If your situation is straightforward, online tools can be an excellent starting point. If there’s complexity, conflict risk, or significant assets, professional advice is generally worth it.
Remember: Your will doesn’t cover everything
This is a key detail that many people miss. Some assets don’t flow through your will at all, including:
