A will allows an individual to make decisions that will be carried out after their death.
If you die without a will, the laws of your province or territory will determine what happens to your assets.
This checklist offers issues to keep in mind when preparing or updating your will: Who will you appoint to settle your estate (executor or liquidator)? Do you want to appoint a replacement in case your first choice is unable to do it?
Who will receive your estate (beneficiaries)? Are there items like jewelry, clothing or art that you want someone in particular to have?
If the main beneficiaries die before you, who will you name instead to receive your estate?
Who have you named as beneficiaries in your insurance and pension plans?
Do you want to leave anything to a charity?
Should anything you're leaving to your children go directly to them or be held in trust until they reach a certain age?
If you have minor children, do you want to name a guardian or tutor?
Do you want to include instructions about your funeral? How about other directions, such as where you would like to be buried?
Do you need to consider estate planning? For instance, if you have a family business, how do you want to pass it on?
If you are establishing a trust, have you decided on a trustee(s)?
Will you prepare a power of attorney or mandate for decisions about care or property if you are incapacitated?
Having a will can help protect your estate and those you care about. It is worth consulting a legal professional to guide you in creating or updating your will.
This article was provided by the Canadian Bar Association.
