Your Will
Your will is a legal document that allows a person, known as the Testator, to specify how your assets and property should be distributed after death. A will can also designate guardians for minor children, name an executor to manage the estate, and include instructions for the care of pets amongst other things.
Wills can be straightforward or complex, depending on the individual's assets and wishes.
Have you ever heard of a Holographic Will?
A Holographic Will is a type of will that is handwritten and signed by the Testator. It's very easy to do.
These wills are unique because they often are created without the formalities required for other types of wills, such as being typed or having witnesses.
Check out the video to learn more about quick ways to set up your will.
Assets Subject to Probate in Ontario
In Ontario, probate (officially called a Certificate of Appointment of Estate Trustee) is the court process that confirms a will’s validity and gives the executor legal authority to act. Not all assets require probate. Whether something goes through probate depends on how it is owned and how financial institutions treat it.
Assets that typically require probate include:
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Real estate held only in the deceased’s name (unless it passes to a joint tenant with right of survivorship)
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Bank accounts in the deceased’s sole name, especially if balances exceed the bank’s probate threshold
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Investments such as stocks, bonds, and mutual funds held only in the deceased’s name
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Private company shares
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Personal property of significant value, such as artwork, vehicles, or jewelry
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RRSPs, RRIFs, TFSAs, or life insurance policies without a named beneficiary, or where the estate is named as the beneficiary
Assets that often do not require probate include:
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Jointly owned real estate or bank accounts with right of survivorship (best used with caution where there is only one child)
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RRSPs, RRIFs, TFSAs, and pension benefits with a valid named beneficiary
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Life insurance policies with a named beneficiary
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Small bank accounts, depending on the institution’s policies
It is important to note that banks, brokerages, and land registry offices may apply their own rules and thresholds. To ensure your estate is handled as efficiently as possible, review your situation with a qualified professional.
I'd like some help updating my will.
No problem. We are happy to help. Send us a note and we will get back to you shortly.