Why You Need a Will and How to Make One Today

Writing a will is one of those tasks many people keep postponing—right up there with sorting through old documents or clearing out the basement. You know it matters, and you assume you’ll get to it eventually, but it rarely rises to the top of the priority list.

Because there’s no obvious deadline and the subject feels uncomfortable to think about, a large number of Canadians still don’t have a will. If you’ve spent years building your life, your savings, and your family’s future, creating a will is one of the simplest and most effective ways to protect everything you’ve worked for.

What does a will actually do?

A will is often thought of as a dense legal document, but at its heart it’s straightforward. A will answers three essential questions:

Who will manage your affairs after you’re gone? (your executor)
Who will receive your assets? (your beneficiaries)
Who will care for any dependent children or pets? (a trustee and/or guardian, when applicable)

Think of a will as a clear, high-level instruction manual for handling your estate. It doesn’t need to list every bank account, every investment, or every possession. Instead, it establishes the people you trust and the broad instructions for distributing your assets. More detailed financial inventories and supporting documents can be kept separately to make the executor’s job easier.

What happens if you don’t have a will?

If you die without a will, your estate will be distributed according to provincial rules rather than your personal wishes. That can mean:

Your assets may not go to the people you would have chosen
Your family could face delays, court proceedings and additional expenses
A court or public official might be appointed to manage your estate instead of someone you trust
Decisions about guardianship for children could be made without your input

Many people assume “I’ll be gone, so it’s not my problem,” but the reality is that lacking a will leaves a complicated and often costly task for your loved ones. A will reduces uncertainty and prevents avoidable legal conflict during an already difficult time.

Why do so few people have wills?

Despite the importance of estate planning, more than half of Canadians do not have a current will. Common reasons include:

It feels emotionally uncomfortable to address
It seems complicated or overwhelming
People assume it’s expensive
There’s no immediate sense of urgency

Yet, for many people a will is quicker and easier to create than they expect. The main work is making a few important decisions about people and roles, not compiling every single piece of paperwork.

How to create a will

You don’t need to gather every financial statement before you start. Focus first on the people involved: who will administer your estate, who should inherit, and who would take responsibility for your children or pets if necessary. Those choices form the foundation of a will; account details and inventories can be assembled later to support the executor.

Begin by naming an executor and at least one alternate, identifying beneficiaries, and specifying guardians or trustees if you have dependents. Record any particular wishes—such as how and when assets should be distributed—and keep a separate list of accounts, property, debts and digital access information for the executor’s reference.

Related reading: Estate planning workbooks and checklists can help you gather the details and make decisions with confidence.

Choosing the right executor

The executor is responsible for carrying out the instructions in your will. This role often requires significant time and organization, so you should ask a person before naming them. Many people select a spouse, a trusted family member, a close friend, or a professional such as a lawyer or trust company.

Choose someone who is reliable, organized, willing to act, and able to handle the responsibilities when the time comes. Appointing a clear backup executor is also wise, in case your first choice cannot serve.

Biggest will mistakes

Some recurring pitfalls cause unnecessary complications for families:

Relying on a completely DIY will without guidance: Handwritten wills are sometimes legally valid, but they can be incomplete and create disputes that prevent your wishes from being followed.
Using one-size-fits-all templates: Generic forms don’t always address the realities of blended families, business ownership, or complex asset arrangements.
Failing to update your will: Changes in relationships, assets, or family dynamics should prompt a review and update of your will.
Leaving out practical details: Clarify what happens if a beneficiary predeceases you, specify ages or conditions for distributions to minors, and provide alternates for key roles.

Online wills vs. lawyers

Choosing between online will services and a lawyer depends on the complexity of your situation:

Online options	Lawyers
Fast—often completed in 15–20 minutes	More expensive—professional fees can exceed $1,000
Affordable—often under a few hundred dollars	Personalized legal advice and drafting
Guided and typically easy to update	Recommended for complex estates, businesses or contested situations

For straightforward estates, online tools can offer a practical and affordable solution. When assets are substantial, family dynamics are complicated, or there is a high risk of dispute, professional legal advice is usually worth the expense.

Remember: Your will doesn’t cover everything

Some assets bypass your will and pass directly to a named co-owner or beneficiary. These typically include:

Joint bank accounts
Property owned jointly with right of survivorship
Registered accounts with designated beneficiaries (for example, RRSPs or TFSAs)
Life insurance policies with named beneficiaries

Because these assets transfer outside the will, comprehensive estate planning involves coordinating beneficiary designations, joint ownership arrangements, and your will to ensure everything aligns with your intentions.

How often should you review your will?

Review your will every three to five years, or sooner after any significant life event. Update it when circumstances change, such as:

Marriage or divorce
Major changes in important relationships
Birth of a child or children reaching adulthood
Moving to another province or country

Even a periodic confirmation that the will still reflects your wishes can save your family considerable stress and expense later.

Final thought: It’s easier than you think

Writing a will is less about morbidity and more about care: it makes a difficult time easier for your loved ones, reduces confusion and conflict, and limits unnecessary costs. A simple will can often be completed quickly and affordably, while more complex situations can be resolved with professional advice in a matter of hours.

Costs vary—from minimal for straightforward online documents to several thousand dollars for detailed, lawyer-drafted wills—but the expense of not having a will is typically far greater in emotional and financial terms. The most challenging part is deciding who you want to name as executor, beneficiaries, and guardians. Once those choices are made, you gain clarity, control, and peace of mind, and you leave your family with a much easier path forward.

MoneySense is an editorial team that has covered personal finance topics for readers for many years. Our writers work with experienced professionals to help explain financial decisions and planning considerations in straightforward language.