You will be the one to choose the guardian of your children.
you will choose how your assets are distributed. However, your will can be challenged in
certain circumstances. See Who can challenge a will.
You will choose your
executor.
Your estate will be settled
more easily, quickly and cheaply than if you die intestate (without a
will).
In some provinces, a will is automatically revoked upon
the marriage of the testator (will writer).
For information regarding what happens in each
province, see What
to do when someone dies, which has links to wills and estate
information on provincial/territorial websites.
Multiple Wills
Multiple
wills, which are legal in some provinces, can help to reduce probate fees.
A secondary will can be used for shares held in private companies, or
possibly other assets.
online accounts such as PayPal, Facebook, Google and Apple,
owns cryptocurrency (BitCoin),
licences or licence accounts (Amazon Kindle library, Apple iTunes,
etc.) - did you know you don't own the items you purchased (unless otherwise
required by law)?
cloud based accounts (PayPal balances, cryptocurrency wallets, etc.)
then hopefully you have the information/passwords/private keys for these
accounts/assets in a safe place and have let the executor of your estate know
where to find the information.
Life
Insurance / Medical Assistance in Dying (MAID)
Make Sure Your Will Complies With Current Legislation
It is advisable to have your will reviewed occasionally
by a notary or lawyer, in particular if the legislation in your province
regarding has been revised in recent years. A review can help to
ensure that your wishes will still be upheld under the latest legislation.
Before You Die
The executor of your estate will spend countless hours performing all the
tasks that need to be done after you die. To make things easier for them,
and to ensure that your assets are distributed in the manner you want, make
your will as clear as possible, and provide documentation for your executor and
heirs. For an excellent article on this, see BDO's The
Best of The Blunt Bean Counter - Estate Planning - A Tale of a Father's
Selfless Act of Love.
Keeping Your Will Up To Date
As your situation changes, it's important to make sure your will still
reflects your current intentions. Some of the reasons why you may want to
rewrite your will:
you have married or started living common-law,
you have become separated or divorced,
you have moved, in particular to a different province or country,
you now have children, and didn't when your will was written,
your minor children are now adults,
you now have grandchildren,
your named executor has passed away or moved out of the area or province,
you would like to name a different executor, such as an adult child,
your spouse or any of your beneficiaries have passed away,
your financial situation has changed, causing you to want to change your
bequests
Tips:
- Having a will (or 2), and keeping it up to date, can reduce problems and
leave more of your estate for your heirs.
- Make
sure you have your will prepared or reviewed by a legal professional to ensure
it complies with current provincial legislation.