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Last Will & Testament Forms
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FAQs Last Will & Testament
About legal forms, estate planning, beneficiaries.
What is a trustee or an executor
WHY ONLINE WILLS ARE NOT LEGAL FAQS legal forms estate planning
Here's how to write a simple will. Check out what you should know about making your last will and testament, and how to make it legally binding
What is a Last Will & Testament?
A Last Will and Testament is a legal document recognized by the courts, which allows you to dictate how your assets will be divided after you die.
Why Make a Last Will & Testament?
A Last Will & Testament is necessary if you have assets and/or properties that you wish to distribute personally when they pass away.
A will is not just for seniors, Everyone needs a will specifying who gets what and how their assets will be divided. If you do not make a will a judge in the probate court will decide for you. Your estate could even end up being turned over to the government.
You can change, update or revoke a will at any time if your circumstances change.
FAQS about Last will and Testament Canadian legal forms.
Do your estate planning and make a will in about 20 minutes.
How to designate beneficiaries, appoint an executor trustee
Other Reasons to create a Will
Your marital status changes. You get married, your current spouse dies, have children, or separate from a spouse.
Have assets, such as investments, savings, etc., that you wish to distribute to certain individuals or charities.
Own property and wish to leave it to specific beneficiaries.
If you own a business (or shares in one) you need to specify what is done with it. Do you want it sold or taken over by someone or what?
If there are significant changes in your life or assets, you should always update or replace your will.
Testate Succession (with a will)
You may deal with your affairs on your death in whatever manner you consider best.
QUICK FACTS YOU SHOULD BE KNOW
Executor/Personal Representative:
The person who the Testator or Testatrix has designated to administer their wishes in terms of how the estate will be divided.
You may have more than one and you should have an alternate personal representative should anything keep your first choice from being able to carry out your estate plans.
What Does An Executor Actually Do?
See full details at this CanLaw Page
While the responsibilities of executors or trustee
administrators may vary as needed, the basic duties include:
- Completing an inventory and a valuation of all assets and debts
- Gathering names and addresses of all beneficiaries and next-of-kin
- Canceling subscriptions and charge cards, redirecting mail and winding up all other personal matters
- Taking control of all assets, including the transfer of ownership registrations and the collection of any debts owed to the estate
- Paying all valid or proven debts left to the estate (the executor or administrator may be held personally liable for these debts if a valid creditor remains unpaid after the distribution of the estate)
- Filing tax returns for the deceased and for the estate
- Selling assets as necessary and distributing the estate
- Preparing and obtaining approval from the beneficiaries, heirs-at-law or the court for accounts showing assets, receipts, disbursements, and distribution of the estate
NOTE: If someone close to you has died without a will, you should consult a wills and estate lawyer for legal assistance.
The information on this CanLaw site is not legal advice, it is legal information.
CLICK HERE TO ASK AN ESTATES LAWYER for legal advice
Last will & testament FAQs
Answers to common questions about making a will, estate trustee, planning, probate and more
WHY ONLINE WILL ARE NOT LEGAL FAQS
About legal forms, estate planning, beneficiaries, trustee, explained
Order your last will kit
for download
Beware of Legal Forms
Stored On Line
Wills stored on line are not legal, not valid or original documents and will not stand up in a dispute. They are worthless in Canada.
They will be rejected by the courts and laughed at by lawyers and judges.
Free online forms are not free. They charge you for storage or for printing out your worthless will.
What you should know your
Last Will and Testament FAQs
START NOW! YOU CAN COMPLETE YOUR WILL IN ABOUT 20 MINUTES.
- Follow the simple step-by-step instructions
- Everything is written in plain language
- Help is available every step of the way
- Save hundreds of dollars in lawyer's fees
- Your Will reduces delays and expenses involved in wrapping up your affairs.
What Should My Will Cover?
- Your will should name a guardian for your kids,
- Specify what will happen to your worldly goods
- Name an executor and a backup to carry out those instructions.
- If you have pets, name a pet caregiver who is willing to take on your pets.
- Do you want to dole out money to your kids at 18 and 25? Say how much, and when in your will. Be very clear to avoid errors and anger.
- Specify who will receive your personal and household effects.
- You should also have a durable power of attorney for property (so someone can manage your bills, finances and such if you are unable to).
- You also need a living will, which details your desires regarding their medical treatment when they are unable to make their wishes known (e.g., if in a coma),
Parties to Your Last Will & Testament
There are several different parties in a Last Will & Testament, and each has a different role.
- Testator/Testatrix: You are the Testator or Testatrix, which is just the legal term for the person that the Will is being created for and whose property will be distributed once you are deceased.
- Beneficiary: A beneficiary is a person (or charity) who will receive some or all of your estate. You may name multiple beneficiaries and divide your assets as you see fit.
- Pet Caretaker: A pet caretaker is someone you would name to care for your pet(s) when you die.
When considering who should be your executor, trustee
or pet caretaker, ensure that it is someone who is capable, reliable, trustworthy and someone who can handle the managing of your affairs or caring for your pets after you pass away.
Because there is a great deal of work involved be sure to get the agreement of both your executor and pet caretaker to ensure that they are willing and able to act for you. You cannot impose the role on anyone who does not want it.
ONLINE WILL ARE NOT LEGAL VALID OR BINDING. See why. FAQS about Canadian Last will and Testament legal forms. Do your estate planning and make a will in about 20 minutes. How to designate beneficiaries, appoint an executor trustee
Be Clear About Care for Your Children
Specify how your estate will be administered for the benefit your minor children, including:
- Who will act as trustee for minor beneficiaries
- Whether funds can be paid either from income, principal or both, to minor beneficiaries prior to their age of majority
- Whether monies can be paid to guardian of a minor beneficiary for the benefit of the minor children
- At what age a minor beneficiary will be entitled to his or her share of your estate, either in instalments or one time lump sum. Remember that young adults may squander your money if they are too young to deal with it responsibly.
