What to consider when making a will

An online will service helps you create a will through guided questions and templates. A lawyer-drafted will may be a better fit if your estate plan is more complex, such as when there is business ownership, a blended family, multiple properties, or a higher risk of disputes.

Online will services often cost less than a lawyer-drafted will. Willful plans currently range from $129 to $349, while a lawyer-drafted will may cost more depending on the complexity of your situation. CIBC clients can receive 20% off Willful's service.

An online will can be legal in Canada if it is completed, signed, and witnessed according to the laws that apply where you live. Requirements vary across Canada, and Quebec follows a different legal framework.

In many cases, a will must be witnessed by two adults who are not beneficiaries under the will. Because the rules can vary, it is important to follow the requirements that apply where you live and choose witnesses who have no personal interest in your will.

Rules for electronic signing vary depending on where you live. In many cases, wills still need to be signed in accordance with traditional legal requirements, so it is a good idea to check the current rules in your province or territory.

A will may be invalid or challenged if it is not signed properly, not witnessed properly, contains unclear instructions, or raises concerns about mental capacity or undue influence. Clear drafting and proper signing can help reduce these risks.

It is a good idea to review your will every few years and after any major life event. This can help make sure it still reflects your wishes.

You may want to update your will after marriage, divorce, having or adopting a child, buying property, starting a business, moving to another province, or the death of an executor or beneficiary.

Yes. Many online will services allow updates. With Willful, updates are included while your plan is active, so you can revise your will as your life changes during that period.

A will may still be valid after you move, but legal requirements can differ between provinces and territories. It is a good idea to review your will after moving to help make sure it still works as intended.

Joint bank accounts may pass directly to the surviving account holder, depending on how the account is set up and the applicable law. Because the treatment can vary, it may be helpful to confirm how your account is held.

Registered accounts such as RRSPs, TFSAs, and RRIFs may pass directly to a valid named beneficiary instead of through your estate. A beneficiary designation can be made in the will, where permitted by law, or through the applicable account documentation. If no valid beneficiary is named, the account may form part of your estate and be distributed in accordance with your will.

A will does not necessarily avoid probate or reduce probate fees on its own. However, it can help make your wishes clear and support the estate administration process. In some cases, assets with a named beneficiary or joint ownership may pass outside the estate.

Beneficiary designations for eligible registered accounts are handled separately from your will. You can review or update them through CIBC, and it is a good idea to check them whenever you review your will or experience a major life event.