The purpose of a Will is to outline your wishes. Everyone should have a Will, but almost half of Canadians don't have one. Many people avoid making a Will because it makes them feel uncomfortable to think about the prospect of death, or they recoil from making decisions about beneficiaries. However, if you die without a valid Will, your estate will be administered and your property distributed under the appropriate provincial legislation. You will have no say in how you would like your assets dealt with.
Having a valid Will enables you to minimize taxes and probate fees payable out of your estate. It makes it easier and often less expensive to administer your estate, reducing stress on family members.
Your Will should be changed/updated:
* If financial circumstances or the nature of your assets change significantly
* You move to another country, marry, separate or divorce
* Assets are acquired outside of Canada
* An Executor named in the Will dies or is no longer able to carry out their duties
* Circumstances of beneficiaries change
* Legislative changes occur that will affect your estate