A Will, also known as a “last will and testament”, is a legal document that outlines how you wish to distribute your assets, such as property or money, after you pass away. It also outlines guardians/custodians that you would want to care for minor children and pets after you die. Your will is also where you name your executor, the person who will be in charge of settling your affairs on your behalf.
Creating a will is an important responsibility of an adult and can be created once you reach the age of majority in your province or territory. Life is unpredictable but having a will can help us prepare for the unexpected and protect our loved ones from future chaos and complications.
In Canada, there is no single federal law on wills and estates. Instead, wills and estates laws are enacted by the different provinces or territories. Wills and estates laws in Canada, including Powers of Attorney, probate, guardianship, and trusteeship are under the provincial and territorial jurisdiction.
There are two types of wills that a testator (person making the will) can make:
Holographic Wills: personally handwritten by the testator.
Formal or Notarial Wills: made by a testator with the help of a lawyer or a notary.
Under the provincial wills and estates laws, there are certain requirements for the validity of holographic and notarial wills. Although each province has different wills and estates laws, provisions on the validity of wills are almost similar.