The answer to this question is based largely on both your financial and family situation.

• A Will is simply a document which tells your loved ones how your property should be distributed upon your death.
• If you die without a Will, the government assumes control and dictates how your property should be distributed.
• A Will allows you to choose the person (executor) to look after your affairs upon your death.
• If you have minor children you can appoint a specific guardian to care for them otherwise Children's Aid and a foster home will do so, while the court decides who best to care for your children.
• A Will allows you to decide at what age your children will inherit other than at age 18.
• A Will ensures that you leave your assets only to your chosen beneficiaries, not their spouses.
• A Will allows you to tax plan and to avoid paying high estate taxes upon your death.
• A Will allows you to give specific items to specific people or bequeath an amount to charity.

What is an Executor?

• This is the person who, after your death, pays your debts, gathers in your assets and transfers your assets to the people that you have specified in your Will. You should, in most cases choose your spouse as your executor and two more as alternate executors.
• Your executor must be over the age of 18 and a person you trust to handle your affairs as you would yourself.

Do I need a lawyer to make a Will?

• A handwritten Will totally written by you in your own handwriting and signed by yourself and dated by you is called a holographic Will and is legally binding. However, it may not be legal in all parts of Canada or the world. Always remember that the best intentioned person can make a Will which does not work the way he intended. It is always best to seek legal assistance in preparing a Will particularly, in that its cost is very reasonable.

Can a Will ever be changed?

• A Will does not "speak" for you until the date of your death. Thus, you can change it if your circumstances change. Never attempt to change a witnessed Will by striking out some portions and writing in new ones as this invalidates your Will. In order to change your Will please contact your lawyer.

What if I do not have a Will at the time of my death?

• If you do not have a Will, your property will pass to those persons who are considered your "heirs." This is called "intestate succession." The Estate Court will appoint an administrator to distribute your assets, but this will not be in accordance with your wishes.

How do I keep my Will safe?

• Keep your original Will in a safety deposit box with your other important documents. Please inform your executor of the location of your Will and the name and address of your lawyer.

I believe it is also of crucial importance that you prepare a Continuing Power of Attorney For Property and a Continuing Power of Attorney For Personal Care.

If you would like to read about Continuing Powers of Attorney For Property and Continuing Powers of Attorney For Personal Care, please, click here.

Click here to return to the completion of your Will

You may wish to refer to a recent article by AIM Funds Management Inc., "Structuring an effective Will".

revised June 2003