Do I need a will? How to organize end-of-life estate plans

Where there's a will, there's a way – and where there isn't, things can get complicated fast. Having a will isn't just about divvying up your assets; it's about making sure your wishes are honoured and your loved ones are taken care of.

If you want control over what happens to your estate (and to spare your loved ones extra stress during an already difficult time), now's the time to put an estate plan in place.

Why all Canadians should have a will

If you don't have a will, you're not alone – many people put it off, assuming they'll get to it someday.

But without one, can step in to determine who gets what, which might not align with your wishes. This could mean your assets don't go to the people or causes you intended, and the process could become a legal headache for your loved ones.

Having a will and estate plan in place is a simple yet powerful way to provide peace of mind for you and your family.

The difference between a will and an estate plan

A will is a great starting point, but an estate plan takes things a step further. It's a broader strategy that helps manage your assets during your lifetime and ensures everything is handled efficiently after you pass.

Some key elements of a solid estate plan include:

• Will: This specifies who receives your assets and who will care for dependants, like your children.
• Power of attorney: This gives someone the authority to handle your finances if you're unable to.
• Trusts: This helps manage and distribute assets, often with tax benefits.

Keep these factors in mind as you create your estate plan to make the process smoother for your family and ensure your wishes are honoured.

Things to consider in your will

From choosing an estate trustee to appointing guardians for your kids or fur-babies, here are some things to consider when writing your will.

• Your estate: Your estate includes everything you own – property, belongings, financial assets like bank accounts, investments, and even digital assets. List everything out so nothing is overlooked.
• Your family, pets and dependants: Who will take care of your children, dependants, or even your precious pets? Naming a guardian helps avoid uncertainty and ensures that they're in good hands.
• Your beneficiaries: Your beneficiaries are the people who will inherit your assets. This could be family members, friends, charities, or even a mix of all three.
• Your executors: Responsible for carrying out your wishes – choose an executor who's responsible, organized, and willing to take on the role.
• Your trustees: If your will includes a trust, you'll need a trustee to manage the assets for your beneficiaries, particularly if they're minors.
• Your funeral wishes: From cremation vs burial to the type of ceremony you want, including your preferences, can take a lot of guesswork off your family's plate.

Why it's important to name beneficiaries in your insurance even if you have a will

Your will covers many of your end-of-life wishes. But naming beneficiaries in your life insurance policies ensures those funds go directly to your loved ones without unnecessary delays.

Life insurance benefits don't have to go through probate if you name a beneficiary, meaning your family can access these funds when they need them most.

It's important to remember that even if you have a will, making sure your insurance beneficiaries are up to date adds an extra layer of financial security.

What makes a will legal?

For a Canadian will to be valid, it generally needs to:

• Be in writing (typed or handwritten)
• Clearly state what happens to at least one of your possessions
• Indicate that it takes effect after your death
• Be signed by you in front of two witnesses, who must also sign it

Some provinces, like Ontario, recognize holographic wills, which are handwritten and signed by you without any witnesses. Others, like British Columbia, don't always allow these types of wills. Getting your will formally witnessed is the safest bet.

When does a will expire?

A will doesn't have an expiration date. But life events like marriage, divorce, or the birth of a child can change how it's interpreted or even make parts of it invalid. That's why it's best to review and update your will every few years to make sure it still reflects your wishes and current circumstances.

How long does it take to probate a will?

Probate – the legal process of validating a will and distributing assets – doesn't happen overnight. Depending on the complexity of the estate, it could take anywhere from a few months to over a year. Larger estates, disputes between beneficiaries, or missing documents can make the process even longer.

The good news? A well-prepared will can help speed up the process, so keep your legal documents organized, choose a responsible executor, and make your wishes crystal clear to prevent stress for your loved ones.

End-of-life expenses

Between funeral costs, outstanding debts, and taxes, the financial side of passing away can add up quickly and often falls on your loved ones. Planning ahead ensures that your family isn't left scrambling to cover unexpected expenses like funeral and burial costs, estate taxes and legal fees.

Get a free quote for final expenses insurance

A will is a crucial part of your financial plan, but it's only one piece of the puzzle. With final expenses insurance, you can cover end-of-life costs so your loved ones aren't left struggling with unexpected bills. At North Cover, we offer simple, affordable insurance solutions designed to give your family financial security when they need it most. Get a free quote today and take one more step towards peace of mind.