Will Planning

A Will is a legal declaration of a person’s wishes regarding the disposition of his or her assets after death. The person who writes the Will is referred to as the testator (if male) or testatrix (if female).

If you don’t have a Will, your wishes may not be followed, even if they are known. Instead, your estate is distributed according to provincial law. In Alberta, if you die intestate (without a Will) and have no living family members, your estate vests in the Provincial Government. If you die without a Will and leave relatives, the law will apportion your assets among your immediate family.

By preparing a Will, the testator has the opportunity to name the personal representative (executor/executrix/trustee) of his estate. This person will be responsible for carrying out the directions of the Will. The Will may also contain such things as disposition of the estate (naming the beneficiaries of your assets), guardianship of minor children, administration of the estate (authorizing the sale of some assets to raise money needed to pay taxes and expenses related to death), and making specific bequests to friends or charities.

In general, the following types of Wills are recognized in Canada:

• Holograph Will: entirely handwritten by the person making the Will, must be signed and dated.
• English Form Will: valid in all provinces and is the most common form. This is the format used when a lawyer draws up a Will.
• Notarial Will: valid only in Quebec
• International Will: variation of the English Form Will with some additional requirements to make it acceptable to other jurisdictions. This form is useful for people with out-of-country assets and is currently recognized by the United States and the United Kingdom.

Because a Will is a legal document, only barristers or solicitors are authorized to draft or review Wills on behalf of the public. Individuals are permitted to prepare their own Wills.

Once you have prepared your initial Will, you must remember to keep it updated. You should review your Will regularly and amend it whenever there is a significant change in your life or the lives of your heirs (e.g. marriages or divorces, births or deaths, children growing up, the purchase or sale of a business, etc.).
 

Will Planning

A Will is a legal declaration of a person’s wishes regarding the disposition of his or her assets after death. The person who writes the Will is referred to as the testator (if male) or testatrix (if female).

If you don’t have a Will, your wishes may not be followed, even if they are known. Instead, your estate is distributed according to provincial law. In Alberta, if you die intestate (without a Will) and have no living family members, your estate vests in the Provincial Government. If you die without a Will and leave relatives, the law will apportion your assets among your immediate family.

By preparing a Will, the testator has the opportunity to name the personal representative (executor/executrix/trustee) of his estate. This person will be responsible for carrying out the directions of the Will. The Will may also contain such things as disposition of the estate (naming the beneficiaries of your assets), guardianship of minor children, administration of the estate (authorizing the sale of some assets to raise money needed to pay taxes and expenses related to death), and making specific bequests to friends or charities.

In general, the following types of Wills are recognized in Canada:

• Holograph Will: entirely handwritten by the person making the Will, must be signed and dated.
• English Form Will: valid in all provinces and is the most common form. This is the format used when a lawyer draws up a Will.
• Notarial Will: valid only in Quebec
• International Will: variation of the English Form Will with some additional requirements to make it acceptable to other jurisdictions. This form is useful for people with out-of-country assets and is currently recognized by the United States and the United Kingdom.

Because a Will is a legal document, only barristers or solicitors are authorized to draft or review Wills on behalf of the public. Individuals are permitted to prepare their own Wills.

Once you have prepared your initial Will, you must remember to keep it updated. You should review your Will regularly and amend it whenever there is a significant change in your life or the lives of your heirs (e.g. marriages or divorces, births or deaths, children growing up, the purchase or sale of a business, etc.).