Neglecting to make a Will, or to keep it updated, is a common financial mistake—and thankfully easily remedied.

According to the Angus Reid Institute, one-in-eight (13 percent) Canadians has an out-of-date Will .

“I’m not surprised,” says Bianca Krueger, senior manager, Professional Development at RBC Royal Trust. “We consistently see survey results that show that over half of Canadians adults do not even have a Will.” Among the top reasons given for not having an up-to-date Will are: “I don’t know where to start,” “I don’t have the time” and, “It’s too much effort and money.”

“We often hear that it feels like a complicated process, and lawyers can be expensive,” says Krueger. “This is often why people look for an estate planner that can work closely with their financial advisor.”

Why you need a Will

“Failing to create a valid Will eliminates your ability to control who inherits your estate, and when,” says Leanne Kaufman, president and CEO of RBC Royal Trust. “Perhaps more importantly though, it shifts the burden of responsibility from you to those you are leaving behind—a responsibility to organize your affairs because for whatever reason you did not.”

Most people prefer to make their own decisions, particularly those that impact their family members. If you die without a Will, your assets will be distributed based on a standardized formula under the intestacy legislation in your province, says Krueger.

Here are some key reasons for having a Will:

• To ensure your wishes are known and respected: In your Will, you can decide who you want to benefit from your estate and how
• To take care of your partner: Without a Will, a surviving married spouse may inherit some or all of your estate, depending on your province, but an unmarried partner or common law spouse may not have the same entitlement
• To take care of your children: A Will is where you can appoint guardians for your minor children, upon court approval. It also allows you to decide when and how your children will receive an inheritance from you
• To have an opportunity to plan: Estate planning, including your Will, can help you identify tools to navigate income tax and probate fees
• To save time and money: Preparing a Will can save time and money for your heirs because your executor can begin to take care of your estate immediately, rather than waiting for a court to appoint someone

Drafting your Will: How to get started

Preparing your Will is a necessary first step, but then ensuring that you review that Will whenever you experience a significant life event is just as important. Life events that warrant a Will review include getting married, separated or divorced; having a child; death of a beneficiary; winning the lottery or starting a business, says Krueger. It’s best to review your Will every few years just to make sure it continues to express your wishes.

Six things to consider:

• Establish your assets and liabilities: Identifying your assets, their location and account numbers, including insurance policies, investment accounts, retirement accounts and real estate, is essential
• Decide how you want your assets distributed: Depending on your situation, you may want to distribute money equally to your children, entirely to your partner or provide for other relatives. You may want to leave money for a specific cause. If you have a blended family, your Will is even more essential to make sure your assets are distributed according to your wishes
• Determine the best way to transfer your assets: An experienced estate planner can help you choose the best method for wealth transfer to maximize the benefit to your heirs and to protect them. If you have minor children, you can use your Will to appoint a trustee to manage their assets until they are of age
• Choose a guardian for minor children: Identify someone who would care for your children in a way that is consistent with your values. If you don’t appoint someone, the government will appoint someone to care for them, who may or may not be the person you would choose
• Choose the right executor or estate trustee for your situation: Appointing someone to administer your estate can be one of the best things you do for your family. Your executor should have the time, inclination and expertise to perform this important role
• Document your plan: Once you’ve thought through these decisions, you are strongly encouraged to work with an estate planning professional and your lawyer to ensure your wishes are properly documented and all legal requirements satisfied

“Preparing your first Will will take time and careful consideration, but it will save money and grief down the road,” says Krueger. “Just because you don’t know what you want to have happen to every asset is not a good reason to wait indefinitely. Something that mostly reflects your wishes is always better than nothing.”

This article was updated on August 20, 2024.

In Quebec, “liquidator”, in Ontario, “estate trustee with a Will.”

Probate is not required for notarial Wills in Quebec, and may not be required in other jurisdictions in limited circumstances.

RBC Royal Trust and RBC Wealth Management are business segments of the Royal Bank of Canada. Please click the “Legal” link at the bottom of this page for further information on the entities that are member companies of RBC Wealth Management. The content in this publication is provided for general information only and is not intended to provide any advice or endorse/recommend the content contained in the publication.  ®/^TM Trademark(s) of Royal Bank of Canada. Used under licence. © Royal Bank of Canada  2024. All rights reserved.

RBC Wealth Management is a business segment of Royal Bank of Canada. Please click the “Legal” link at the bottom of this page for further information on the entities that are member companies of RBC Wealth Management. The content in this publication is provided for general information only and is not intended to provide any advice or endorse/recommend the content contained in the publication.

® / ™ Trademark(s) of Royal Bank of Canada. Used under licence. © Royal Bank of Canada 2025. All rights reserved.