Making a Legal Will in Canada | Epilogue Wills
What is a will?
A will is a legal document that outlines how you want your assets and property to be distributed after you pass away. It is an essential part of estate planning and is an important tool for ensuring that your final wishes are carried out.
Without a will, the distribution of your assets will be determined by the government, which may not align with your wishes. Having a will in place can also help to avoid potential disputes among family members and ensure that your loved ones are taken care of.
It's important for everyone to have a will, regardless of age, financial status, or family situation.
Why should you make a will?
We never know when it’s our time. There are many potential unforeseen reasons why someone may need to make a will, including:
Accidents: Accidents can happen at any time and can result in unexpected death.
Travel Accidents: A lot of us have been traveling a little more now that we are (somewhat) past COVID. We want to go here and there to have fun, which is great, but at the end of the day, we are putting ourselves more at risk when we go to these places. It's important to make sure that your wishes are documented in a will, so if something does happen your wishes will be carried out accordingly.
Illness: Sudden and serious illnesses can happen without warning. You never know when a sudden illness will happen to you or your loved ones; that, that's why it’s important to get these things done especially while you're in good health so you're covered.
Food Poisoning: Food poisoning can happen unexpectedly and can result in severe illness or death.
What is included in a will?
A will can include a wide range of provisions that dictate how your assets and property will be distributed after you pass away. Some examples of what can be included in a will include:
Distribution of assets: A will can specify how your assets, such as cash, investments, property, and personal possessions, will be distributed among your beneficiaries. This can include specific bequests to individuals, charitable donations, or a percentage of your estate to be distributed among your loved ones.
Guardianship of children: If you have minor children, a will allows you to appoint a guardian for them in the event of your passing. This ensures that your children will be raised by the person you have chosen rather than leaving it up to the court to decide.
Executor: You can appoint an executor to handle the administration of your estate. They will be responsible for collecting and distributing your assets, paying off any debts, and making sure that your final wishes are carried out.
Trusts: You can set up trusts for your beneficiaries, such as a trust for your children's education or a trust for a person with special needs.
How to make a will?
Epilogue Wills, is the online will-making platform that I used to create my own Will. I really like Epilogue because they make the process simple, affordable and accessible from the comfort of your own home. You also get lifetime updates!
Through Epilogue, you can pretty much get everything done in 3 simple steps.
Answer questions about you and your wishes
Epilogue will auto generate your custom will
Follow the signing instructions to make your will legally binding
They also give you a code to register in the Canada Will Registry (worth $40).
Use my code “KATRICE20” for $20 off when you create your Will through Epilogue Wills.