Most Canadians don’t have a will. Here’s what to watch for and how to create one to avoid a headache for your heirs

Erin Bury, co-founder and CEO of estate planning startup Willful, and Debbie Stanley, CEO of estate administration firm ETP Canada, agree that the biggest mistake you can make is not having a will at all.

In fact, half of Canadian adults reported not having a will in a 2023 survey by the Angus Reid Institute.

“The real danger of not having a will is leaving it up to the government to decide who gets your assets,” says Bury.

Pay attention to provincial rules in executing your will 

There’s no right age to begin thinking about a will, but the earlier the better. The same Angus Reid poll found that 70 per cent of Canadians over the age of 65 had an up-to-date will, compared to just 23 per cent of Canadians between the ages of 35 and 44. 

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• Dec 31, 1969
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• Dec 31, 1969
• Comments

Specific laws in each province dictate how you have to sign and witness the documents to make them legal, such as having a will be in writing as a physical copy, according to Bury.

These laws also have specifications for how a will must be signed.

“You really have to pay attention to the rules to execute a will in your province and make sure that you’re getting the proper number of witnesses and that the witnesses are eligible.”

For example, some Canadians make the mistake of signing a printed will kit in front of a named executor or beneficiary, or the spouse of an executor or beneficiary.

“In most provinces, for a typed will, you have to sign it in wet ink and then have two valid witnesses who don’t benefit from the will sign it as well,” says Bury. 

Review your will at least once a year

According to Stanley, another mistake she sees people make is naming three or four executors in an attempt to divide responsibilities between their children, not knowing that executors have to work together to manage an estate.

“That’s so hard if you have kids living in different cities or even different provinces,” says Stanley, adding that an executor’s job cannot only be time-consuming, but emotionally taxing. 

Stanley and Bury add that creating a will is just the first step. You also have to make sure it doesn’t collect dust. At the very least, you should review your will at least once a year, says Bury.

Major life events — a marriage, birth of a child or a house purchase — should also prompt Canadians to review their wills. 

While convenience and pricing are major barriers to Canadians getting a will, Bury and Stanley say there are cheaper options. For example, a handwritten will costs less than a few dollars while online will platforms can cost up to several hundred dollars. 

That being said, Stanley says working with specialists and general practitioners is worth every penny if you have a complicated estate. Stanley says you might avoid forking over $1,500 for a will that will protect you, but then risk having your estate pay hundreds of thousands of dollars in litigation down the line. 

“The earlier you get (a will drawn up), the more peace of mind that you have when — not if — you pass away,” says Bury. “This way, your family knows your wishes, and you don’t leave them up to the governments and the courts.”