November is Make a Will Month, an annual initiative designed to raise awareness about the importance of having a Will. A Will is one of the most critical legal documents you can have, as it ensures that your wishes are respected and your loved ones are provided for after your passing. Despite its significance, many Canadians delay creating a Will, often due to misconceptions about its necessity, the belief that their assets are too few to warrant one, or discomfort with planning for the end of life.

As we gear up to turn the page on the calendar, November serves as a timely reminder for individuals to take control of their estate planning. Whether you haven’t started the process or already have a Will in place, Make a Will Month is the perfect opportunity to act. For those without a Will, it’s an opportunity to protect your family, appoint guardians for your children, and reduce stress for your loved ones during difficult times. For those who already have a Will, it’s a chance to review and update it to ensure it reflects your current circumstances and wishes.

Creating or updating a Will is an empowering step toward securing your legacy and providing peace of mind for both you and your family. Take advantage of Make a Will Month to prioritize this essential part of life planning.

Here are some valuable tips for those who have yet to create a Will, along with important reminders for individuals who already have one.

For Those Without a Will:

• Why You Need a Will: Without a Will, provincial laws will determine how your assets are distributed, which may not align with your intentions. This can also cause unnecessary stress and complications for your loved ones.
• What a Will Does: A Will allows you decide who will inherit your assets, appoints guardians for minor children, and names an executor to handle your estate.
• Steps to Create a Will:
  • Assess Your Assets: Make a list of your property, investments, bank accounts, and valuables.
  • Consider Beneficiaries: Decide who will receive your assets and in what proportions.
  • Choose an Executor: Select someone reliable to administer your estate.
  • Consult a Lawyer: Working with an estate lawyer ensures your Will complies with provincial laws, takes into consideration potential tax planning, is properly drafted, and is signed and witnessed correctly to ensure legal validity.

For Those Who Have a Will:

• Review Regularly: Major life events – such as marriage, divorce, the birth of a child, or significant changes in your assets – may necessitate updates to your Will.
• Check Beneficiaries: Ensure the individuals or charities named in your Will are still appropriate. Relationships may have changed, or a beneficiary may have passed away.
• Update Executors: Ensure your chosen executor is still willing and able to fulfill their responsibilities.
• Account for Tax and Legal Changes: Periodically review your Will with the assistance of a lawyer to ensure it complies with current tax laws and estate regulations.
• Include Digital Assets: Consider adding provisions for digital assets like social media accounts, online subscriptions, and cryptocurrencies.
• Store Safely: Ensure your Will is stored in a secure but accessible location, and let your executor know where to find it.

A Will is not just for the wealthy or elderly –  it’s an essential document for anyone with assets or dependents. Regular updates ensure your wishes are honoured and your loved ones are protected.

As we observe Make a Will Month, there’s no better time to take control of your estate planning and ensure your wishes are properly documented. Whether you’re creating your Will for the first time or reviewing an existing one, having the right guidance is crucial. Estate planning is not a one-size-fits-all process – it should be tailored to your unique circumstances and needs. Take the first step today to create or update your estate plan and secure peace of mind for the future.