How to Create Your Last Will & Testament in Canada (Willful Review)

Willful is a great way for Canadians to create a last will & testament, without hefty fees. 

No one likes to think about death, but it’s something that we all have to face at some point in our lives. One of the most important things you can do for your loved ones is to create a will.

Being able to secure your family’s financial future can’t be overlooked in the financial wellness process. If you feel like your loved ones won’t be covered if you pass on, it could cause a number of sleepless nights. 

It may not be the most exciting step in this process, but it’s imperative. You’ll need to think about life insurance. You’ll need to establish a will. 

In this post, We’ll provide a review of Willful, an online will creation tool that makes the process easy and affordable.

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Why is Creating a Last Will & Testament Important

So, you’ve been cruising through life, taking on challenges, enjoying the highs, and navigating the lows. It’s easy to get caught up in the day-to-day hustle and bustle, but there’s one task that often gets pushed to the back burner: creating a last will and testament. While the topic might seem a bit morbid or reserved for the elderly, it’s a crucial step for everyone, regardless of age or life stage. Let’s dive into why taking the time to draft your last will and testament is not only responsible but also an act of care for yourself and your loved ones.

Peace of Mind for You

Life is unpredictable. None of us know when our time will come, and having a last will and testament in place ensures that you have a say in what happens to your assets and belongings. By clearly outlining your wishes, you take control of your legacy and ensure that your hard-earned possessions are distributed according to your desires.

Minimizing Family Disputes

Without a will, the distribution of your estate is subject to the laws of intestacy, which vary by jurisdiction. This can lead to confusion and disputes among your family members. Creating a will allows you to make decisions about who gets what, minimizing the potential for disagreements and ensuring that your loved ones can focus on supporting each other during a difficult time rather than squabbling over assets.

Providing for Your Loved Ones

If you have dependents—whether they’re children, aging parents, or others relying on your support—a will is a crucial tool for providing financial security. Clearly outlining guardianship for minors, assigning assets, and specifying financial arrangements can help ensure that those you care about are taken care of in the manner you wish.

Protecting Spouses and Partners

In the absence of a will, the legal system may distribute assets based on predefined rules that may not align with your wishes. This can be particularly challenging for unmarried couples or those in non-traditional family structures. A well-crafted will ensures that your partner is taken care of and receives the assets and support you intend for them.

Ensuring Your Wishes are Honored

Beyond the distribution of assets, your will can also address important healthcare decisions. Through a living will or healthcare directive, you can articulate your preferences for medical treatments and end-of-life care. This ensures that your wishes are respected and provides guidance to your loved ones during emotionally challenging times.

Managing Digital Assets

In our increasingly digital world, it’s essential to consider what happens to your online presence and digital assets when you’re no longer around. Your will can include instructions for managing and distributing digital assets, including social media accounts, email accounts, and any online financial or creative works.

Simplifying the Probate Process

Probate—the legal process of validating a will—can be a time-consuming and complex affair. However, having a clearly written will can streamline the probate process. It provides a roadmap for the distribution of your assets, making it easier for the legal system to carry out your wishes and ensuring a faster settlement of your estate.

Minimizing Costs

While it’s true that creating a will involves some upfront costs, the financial benefits in the long run are significant. A well-drafted will can help minimize legal fees and other probate-related expenses. By taking the time to plan ahead, you can save your loved ones from unnecessary financial burdens during an already challenging time.

Getting Started on Your Will

Seek Professional Guidance

Creating a will doesn’t have to be a daunting task, and you don’t have to navigate it alone. Consider seeking the guidance of legal professionals who specialize in estate planning. They can provide valuable insights, ensure your document complies with relevant laws, and help you make informed decisions.

Keep it Updated

Life is dynamic, and so are your circumstances. It’s essential to revisit your will periodically, especially after major life events such as marriage, the birth of children, or the acquisition of significant assets. Keeping your will up-to-date ensures that it accurately reflects your current wishes and circumstances.

What is Willful

A lot of Canadians don’t have a will in place. Part of the reason for this could be the public perception of the cost, of the difficulty of putting together a last will & testament. 

This is the problem that Willful solves.

Willful is an online platform that helps Canadians put together their last will & testament. Wilful simplifies the process so that you can create a will from the comfort of your home and at a reasonable cost.

The benefit of Willful is that it makes the cumbersome process of creating a will quick and painless.

Willful was founded in 2017 and is available in BC, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Nova Scotia & New Brunswick

Why You Should Look at Willful

A will is a legal document that, to your wishes, distributes your property and assets to your beneficiaries. 

Imagine the chaos that would ensue if you died without a will. Your wishes may not be carried out, and your heirs could spend more time settling affairs after your death than needed! 

Though no single document can resolve everything will is usually close enough for most people’s needs.

Some of the benefits of having a will include: 

• Increasing the speed at which your assets are distributed
• A decrease in taxes after your death
• Providing your beneficiaries with a clear & concise message of how to distribute your assets
• Limiting the involvement of the courts 

If you’re not careful, failure to prepare a will could lead to decisions about your estate being made by judges or court officials. This may cause family turmoil, which you want to avoid at all costs. When dealing with your death, simple is the route to go. You want to minimize confusion & the involvement of third-party decision-makers.

If you’re married, you should probably get a will. A will is important because it determines who inherits your assets or personal property upon death. Your spouse may inherit them if you die intestate, but there is no guarantee of that. 

If you want someone other than your spouse to receive certain assets (maybe your children), you’ll want a will in place. 

Even if someone is single, but has a high net worth should get a will. When you have assets that will be distributed upon death, it is almost always easier for your family to have a will or a trust in place.

As long as you are not young, single & broke, you should get a will. 

How to Use Willful

Willful makes it possible to create your legal will online in 15-20 minutes:

• Go to willful.co and click on the “Start for free” button.
• Enter your personal information and choose from one of the 3 plans below
• Complete your last will and testament, (you’ll need to choose things like beneficiaries and guardians for your children.)
• Make arrangements for medical emergencies and choose your Power of Attorney (if necessary).
• Print and sign your will before storing it securely.

Willful Pricing

There are three tiers of service available through Willful:

The Essentials

• Cost: $99 
• Outline your basic wishes
• How do you want your estate to be distributed 
• Declare your beneficiaries
• Name the guardians of your children (set up their inheritance)

With the essentials package, you’ll have a standard last will & testament

The Premium 

• Cost: $189
• Outline your basic wishes
• How do you want your estate to be distributed
• Declare your beneficiaries
• Name the guardians of your children (set up their inheritance)
• Help create a plan for your property and finances in case of an emergency.
• Declare your wishes in the event of a medical emergency.

With the essentials package, you’ll have a standard last will & testament, alongside a power of attorney document, and a document outlining your wishes in a medical emergency. You should choose this package if you plan to designate a beneficiary that isn’t your partner.

The Family

The Family plan option allows couples and families to purchase up to 6 plans 

• Cost: $329 (2-6 plans)
• Outline your basic wishes
• How do you want your estate to be distributed
• Declare your beneficiaries
• Name the guardians of your children (set up their inheritance)
• Help create a plan for your property and finances in case of an emergency.
• Declare your wishes in the event of a medical emergency

3 Pros of Using Willful 

Speed 

With Willful, you can have a last will & testament up and running in less than an hour. Going the route of using a legal professional will take multiple appointments, and will take time out of your busy day. 

Convenience 

Obviously, there is extreme convenience in having your last will & testament created from the comfort of your home. 

Cheaper

With the basic plan, you can have your last will & testament created for $99. Lawyers can charge hundreds of dollars for their services (and some can go into the thousands). Unless you have a friend or family member in the legal profession, Willful is probably a cheaper option. 

2 Cons of Using Willful

Simple Isn’t For Everyone

Willful allows you to get a last will & testament in a really easy way. However, If you have a complex legal situation, there may be a certain level of sophistication that Willful can’t provide 

Geographical Limitations 

Willful is available in BC, Alberta, Saskatchewan, Manitoba, Ontario, Nova Scotia, New Brunswick, and Quebec. If you don’t live in those provinces, you’re out of luck. 

Conclusion

Creating a will is one of the most important things you can do for your loved ones, and Wilful makes it easy and affordable. You don’t have to be wealthy to make sure your family is taken care of when you’re gone. Use wilful today to create your last will and testament. It’s fast, easy, and cheaper than traditional approaches.

Willful FAQ

Is Willful Safe to Use?

Yes, Willful is safe to use. Willful uses AES-256 block-level storage encryption, which is a common form of encryption. Your information is safe and secure will Willful.

Does Willful Have a Customer Service Hotline? 

Willful offers a full range of customer support options. Your questions can be answered via email, telephone, or text.

Why Do I Need a Will?

Creating a will is not just about planning for the end; it’s a fundamental step in taking control of your legacy. Your will serves as a legal document that outlines your wishes regarding the distribution of your assets after your death. By having a will in place, you ensure that your hard-earned possessions are distributed according to your preferences rather than being subject to the laws of intestacy.

What Happens if I Die Without a Will?

Dying without a will means your estate will be handled based on the laws of intestacy, and the distribution may not align with your desires. This can lead to complications, delays, and disputes among family members. Having a will allows you to avoid these potential pitfalls, providing clarity and minimizing stress for your loved ones during an already challenging time.

Who Should Have a Will?

The need for a will isn’t exclusive to the elderly or those with substantial wealth. Everyone, regardless of age or financial status, can benefit from having a will. It’s a proactive step that ensures your wishes are honored, regardless of the size of your estate. Whether you’re a young professional, a parent, or a retiree, having a will is a responsible and considerate choice.

How Often Should I Update My Will?

Life is dynamic, and so are your circumstances. It’s advisable to review your will periodically, especially after significant life events. Marriage, the birth of children, divorce, or acquiring substantial assets are all triggers for a review. Keeping your will up-to-date ensures that it accurately reflects your current wishes and circumstances.

Can I Create My Own Will Without a Lawyer?

Yes, it’s entirely possible to create your own will using online platforms or templates. Many people with straightforward estates find this a cost-effective and efficient solution. However, for complex situations or if you have specific legal concerns, consulting with a lawyer can provide valuable guidance and ensure that your will is legally sound.

What Should I Include in My Will?

Your will should be a comprehensive document that addresses various aspects of your life and legacy. This includes details about the distribution of assets, appointment of guardians for minor children, and any specific wishes you have for your funeral or end-of-life care. In today’s digital age, it’s also essential to consider instructions for managing your digital assets.

Do I Need a Separate Document for Healthcare Decisions?

While your will can include healthcare directives or a living will as part of your overall estate plan, you may choose to create a separate document specifically addressing your medical preferences and end-of-life decisions. This ensures that your healthcare wishes are clear and easily accessible when needed.

Can I Change My Will After it’s Been Created?

Absolutely. Life is unpredictable, and circumstances may change. You can update your will at any time to reflect these changes. Common reasons for updates include changes in marital status, the birth of children, or acquiring significant assets. Keeping your will current ensures that it remains an accurate reflection of your intentions.

Do I Need a Notary or Witnesses to Validate My Will?

The requirements for a valid will vary by jurisdiction. In many cases, having witnesses or notarization can add validity to the document and help prevent challenges to its authenticity. It’s crucial to understand and adhere to the legal requirements in your specific area to ensure the effectiveness of your will.

Is a Will the Only Document I Need for Estate Planning?

While a will is a critical component of estate planning, comprehensive planning may involve other documents depending on your circumstances. A power of attorney allows you to designate someone to handle your financial affairs if you’re unable to do so, while healthcare directives specify your medical preferences. Trusts may also be considered for specific asset management and distribution strategies.

In conclusion, creating a will is a thoughtful and responsible act that goes beyond just financial planning. It’s a way to express your wishes, protect your loved ones, and ensure that your legacy is handled according to your intentions. By addressing these common questions, we hope to demystify the process and encourage everyone, regardless of age or wealth, to take this essential step in estate planning.

Creating a Will & Retirement Planning

Creating a will and planning for retirement are interconnected aspects of comprehensive financial and life planning. While retirement planning primarily focuses on ensuring financial security during your post-employment years, creating a will contributes to the broader picture of securing your legacy and providing for your loved ones. Let’s explore how these two aspects are associated:

Asset Distribution

Retirement planning involves accumulating assets to sustain your lifestyle after you stop working. This often includes contributions to retirement accounts, investments, and savings to ensure a steady income stream during retirement.

Read: Your Complete Guide to RRIF’s

Read: Your Complete Guide to RRSP’s

Read: Your Complete Guide to Pension Plans

A will outlines how your assets, including those amassed during your working years for retirement, will be distributed after your death. It ensures that your hard-earned savings go to the individuals or causes you care about, providing a clear roadmap for the disposition of your financial resources.

Protection for Dependents

In retirement planning, considerations may include providing for dependents, such as a spouse or children, during your non-working years. This could involve life insurance policies or strategies to ensure a continued income for your loved ones.

A will allows you to extend this protection beyond your lifetime. By specifying guardianship for minor children, designating beneficiaries, and articulating financial arrangements, you provide ongoing support for your dependents even after your retirement years.

Healthcare and End-of-Life Decisions

Retirement planning may involve considerations for healthcare costs during retirement. This includes health insurance coverage, long-term care planning, and strategies for managing potential medical expenses.

A will can include provisions for healthcare decisions, specifying your preferences for medical treatments and end-of-life care. This ensures that your wishes are honored, providing clarity and guidance to your loved ones in emotionally challenging situations.

Legacy Planning

Retirement planning is about securing your financial future, but it may also involve considerations for leaving a legacy. This could include charitable giving, passing on assets to the next generation, or contributing to causes that matter to you.

Your will is a key tool for legacy planning. It allows you to articulate your values and ensure that your assets are distributed according to your wishes, whether to family members, friends, or charitable organizations. It enables you to leave a lasting impact on the people and causes that matter to you.

Estate Tax Considerations

Retirement planning may involve strategies to minimize taxes on retirement account withdrawals and optimize your income during retirement

Estate taxes can impact the wealth you pass on to your heirs. Through proper estate planning, including the use of trusts and other strategies, you can potentially minimize the tax burden on your estate, preserving more for your beneficiaries.

In summary, creating a will is an integral part of holistic financial planning, and its connection with retirement planning is evident in how both processes contribute to securing your financial future and providing for your loved ones. By addressing these aspects in tandem, you can create a comprehensive plan that encompasses your entire life journey, from your working years through retirement and beyond.

4 Tips to Help You on Your Financial Wellness Journey

1. If you’re married, you should probably get a will. 
2. Look at online providers for will creation (tools like Willful)
3. Determine which Wilful policy is right for you 
4. Update your will as your needs change