Do I really need a will?

Divide your assets according to your wishes

A will outlines how you want your assets, like property, money and personal possessions, to be distributed. This clarity helps ensure your belongings are divided as you intended and helps reduce the potential for disagreements among your beneficiaries. Regardless of your age or wealth, having a will is one of the best ways to divide up your assets after you’re gone.

Flexibility as life changes

Life is full of transitions. Whether you're getting married, having a child, getting divorced or even just adopting a pet, a will lets you name or remove beneficiaries and guardians, providing instructions and security for your loved ones.

Avoid legal hassles

Even if you've spoken to your family and friends about how you want your estate divided, dying without a will can cause legal complications and delays. Your estate would be subject to intestacy laws (laws that trump any intentions you may have communicated verbally), which vary according to where you live in Canada. Unfortunately, these intestacy laws may not fully align with your wishes.

Peace of mind

One of the greatest benefits of having a will is the reassurance it offers. “When you think about purchasing life insurance, this is planning for the people that you leave behind to make sure that they're financially taken care of. And an estate plan is essentially that," says Erin Bury, CEO of Willful.

“It covers all the other components of your wishes and gives your family that peace of mind that they're doing what you would have wanted."

Marriage

Marriage and common-law partnerships are significant life situations that warrant the creation (or updating) of a will. These unions are often accompanied by substantial changes to your financial and family circumstances. A will can be a crucial tool that acknowledges new circumstances and protects any new family members.

Parenthood

A will helps you safeguard the welfare and future of your child. You can designate a guardian for your offspring, ensuring that someone you trust will raise your child. Additionally, you can make essential financial provisions for your child's future, such as outlining how assets should be used for their care, education and other needs. Without a will, such decisions may be left up to others or perhaps the courts.

Pet ownership

Pets are important family members for many Canadians. With a will, you can designate a caregiver for your pets, ensuring their continued care when you're not around. You can also include financial provisions for pet expenses and specific instructions for their long-term care.