A Last Will and Testament - often just called a will - is one of the most important documents in an estate plan. It outlines how you want your assets and responsibilities handled after you pass away.
What is a Last Will and Testament?
A Last Will and Testament is a legal document that:
Names your executor, who will manage your estate
States how your assets should be distributed
Appoints guardians for minor children or dependents
Names your beneficiaries - the people or organizations who will inherit from your estate
Includes any specific gifts or charitable donations
Covers other wishes, like funeral instructions
A will only comes into effect after death, and it does not give someone power over your affairs while you’re alive. For that, you’d need a Power of Attorney.
Why is having a will important?
A valid will helps:
Ensure your wishes are followed
Reduce conflict among family members
Simplify the estate settlement process
Appoint someone you trust to handle your affairs
Avoid default provincial rules that might not reflect your wishes
Without a will, the court appoints an administrator, and your estate will be distributed according to provincial intestacy laws. This can delay the process and leave loved ones with uncertainty.
You can exclude anyone from your will by not listing them as a gift recipient or beneficiary of your estate. If you need to exclude a dependent though, it is best to work with an estate lawyer.
What happens if you die without a will?
Dying without a will is called dying intestate. If this happens:
The court chooses an administrator to manage your estate
Your assets are distributed according to a default formula (which varies by province)
Common-law partners, stepchildren, or friends may not receive anything, even if you intended for them to
No guardianship appointments are made for minor children - you risk leaving that decision up to the courts
Creating a will helps you retain control and avoid this outcome.
What is the residuary estate?
Your residuary estate includes all property that:
Is not jointly owned
Does not have a named beneficiary (like an RRSP or life insurance policy)
Is not designated as a specific gift (such as a bequest of jewelry or a cash donation)
The residue is determined after debts, taxes, and specific gifts have been handled, and it’s distributed according to your will instructions.
In contrast, specific gifts include:
Named items or set amounts of money
Lump sum donations to charities (often called legacy gifts)
Property bequeathed to a specific person
Assets with designated beneficiaries, such as insurance policies or registered accounts, bypass your will entirely and go directly to the named person.
What happens to jointly owned property?
If you own property jointly with rights of survivorship, it will automatically pass to the surviving joint owner(s) when you die. This applies to homes, bank accounts, or other jointly held assets.
However, if you want your share of the property to go to someone else (not the joint owner), you need to change the ownership structure to tenants in common. This allows you to:
Bequeath your share as a specific gift
Include your share in your estate’s residue
With tenancy in common, your portion of the property becomes part of your estate and does not automatically transfer to the other owner(s). To make this change, you'll need to consult a real estate lawyer.
How is a will created?
There are a few common ways to create a will:
Will kits - Paper-based forms available in stores or online
Handwritten wills (holographic) - Written entirely in your own handwriting (not valid in all provinces)
Online will platforms - Guided digital tools like Willful
Lawyer-drafted wills - Custom legal advice for more complex needs
What makes a will legally valid?
To be legally valid in most provinces, your will must:
Be created when you're of sound mind and over the age of majority in your province
18 years old in Alberta, Manitoba, Ontario, Prince Edward Island, Quebec, and Saskatchewan;
19 years old in British Columbia, Newfoundland and Labrador, New Brunswick, Northwest Territories, Nova Scotia, Nunavut, and Yukon.
Be signed in the presence of two valid witnesses, who must also sign to confirm they witnessed your signature