Wills: One Conversation Away from the 58%

At the Advocis School in Digby, NS last week, I learned a surprising fact: 58% of Canadians either do not have a will or have one that is out of date.

Think about it this way. Between you and the next person you talk to today, chances are one of you does not have an up-to-date will. Problem? We think so.

Why It Matters

In Ontario, if you pass away without a will, you die intestate. This means the provincial government steps in, liquidates your assets, and distributes them according to provincial rules, not your wishes. The process can take nine months to a year, assuming no one contests it. How long could your spouse or children wait?

How Many Wills Should You Have?

The answer may surprise you: at least two.

• One will for assets that must go through probate

• Another for assets that do not require probate

What About Simpler Estates?

For complex estates, I strongly recommend working with a lawyer. But for simpler estates, you can write your own will, known as a holographic will. It can serve as a temporary measure until you see a lawyer, or as a solution for uncomplicated estates.

👉 Learn more about holographic wills here: https://www.yourlegacy.ca/wills. Be sure to follow all steps carefully, including handwriting the will.

The Takeaway

The next time you sit down for a conversation, remember this: you may only be one conversation away from becoming part of the 42% who have their will in order. That is something your loved ones will certainly appreciate.