Online will Canada

Updated: June 2024

As our world becomes increasingly digitized, the importance of navigating online becomes essential. This includes preparing for what’s best for ourselves and our loved ones. We need to protect both our digital and physical assets. This is where online Wills come into play. It is a testament to the marriage of technology and legal paperwork that we can now create online Wills.

You do not need to go with some online Will template that is a boilerplate option. You will want to work with a proper legal platform offering the best online Will option in Canada. When you create your Canadian Will online, you will want to ensure that it legally holds up in court or during a dispute. There should be instructions regarding what to do once the Will is complete.

What’s in a Will?

Breaking down Wills

Are Online Wills legal?

What service should I use?

In the End

What is included in a Will?

Let’s take a closer look at what a Canada online will looks like: it requires exactly the same type of requirements of that a traditional paper Will. You should start with the first and last names of the beneficiaries. Your beneficiaries are the recipients of the assets you are leaving behind once you pass away. There should be a breakdown of the assets each beneficiary is meant to receive. This breakdown can include either specific items or a percentage of assets.

You also want to include someone responsible for carrying out the wishes that you have requested in your Will. This person is called the Executor of your Will. This person is responsible for distributing your assets and managing your requests.

If there are minor children involved, you can also appoint a Guardian for those children (in the event of your untimely departure from this world.) Finally, if there are any special instructions, requests, or actions that your beneficiaries or Executor need to be made aware of, those should also be included in the Will.

Understanding the mystery of Online Wills In Canada

Online wills can also be known as electronic Wills or even digital Wills. These are stored electronically. They can even be delivered electronically. You simply have to print out the Last Will in question and make sure that it’s signed and witnessed in the right places.

Another benefit of creating an online Will versus a traditional written Will is the convenience factor. Online Wills can be made from the comfort of your own home (or office), which removes the need for any type of in-person meeting as well as any costly meetings with lawyers.

Another major plus point is just how accessible creating an online Will is. It is perfect for those who may live in remote areas (or have reduced mobility). Online Wills may allow people living in (relatively) inaccessible areas the convenience of creating their Will online. They would simply have to have access to a computer, the Internet, and a printer. This also goes into the benefit of cost-effectiveness. An online Will tends to be significantly cheaper than creating a traditional Will.

You may think creating a Will is a complex, taxing process, but you would be wrong. Many services today offer an online Will kit for Canada. You may want a service providing you with a step-by-step guide to create your Will. These services will take you by the hand and guide you through a platform that helps simplify the creation of your Will. Before creating your Last Will, you need to know what your assets are, who your beneficiaries are, your Executor(s), Guardian(s), etc. Have your information ready before you start.

Online Wills offering customization options that cater to your specific needs are the best option for you. Online Will services allow you to create a Will that is tailored to your circumstances. Your Will can be tailored to your wishes.

The legality of the Will may vary from province to province. You may want to check directly with your provincial laws to see the rules and current legislation. But any credible Will service will have the proper instructions to follow in your province/territory of residence. You can print the Will and signing instruction letter out. Just follow any instructions in letter that comes with it. Be certain the letter is tailored to your province/territory of your residence. With that said, if you feel as if you require legal advice, you may still want to consider speaking with a legal professional. This too, is covered by credible online Will services. When you create your Will, these online Will services may have lawyers you can consult with (for a fee). The cost of using these lawyers may be a lot cheaper than going through a lawyer directly. There are always options available.

If you follow the instructions provided by the online Will service, the Executor should be able to access your Will with no issues. Once the Testator (the person who drafted up the last Will) passes away, the Executor should know what to do: the Executor should know where to find the Will, what the next steps are, etc. This will help streamline the process of Will creation.  

It is important to note that there are fundamental requirements for the Will to be considered legal. They are as follows:

The first specification is to ensure that whoever is creating their Will is of sound mind; that their mental capacity is not in question. The Testator needs to be able, within the legal framework, to understand what they are doing. There may also be requirements to have witnesses present and sign off on the Will. These witnesses, may or may not able to be beneficiaries themselves. This information should be included in your Last Will.

Another legal requirement circles back to storage requirements. As mentioned above, the document should be securely stored and yet, easily accessible.  The right people should be able to access the document when necessary.

What to take into consideration when choosing an online Will service in Canada

If you have already made up your mind and want to go completely digital with this critical document, the next step is finding the right platform for you. It all starts with finding one with a strong reputation. You’re looking for a track record, testimonials, and reviews of their products and services. This allows you to better understand whether the service in question is the right fit for you. You are looking for people with a background in legal expertise and are familiar with Canadian laws/laws related to Wills, etc.

Beyond this, you want to do your due diligence on the security features these online platforms have. Make sure they are robust with the right type of encryption and authentication features and have a proper team managing their cyber security.

The final item you’re going to want to take a look at is pricing. You clearly want to compare the cost to the quality of service. Just be comfortable with everything before proceeding.

In the end

Don’t make the mistake of thinking you’re not old enough to set up a Will. Creating your online Will in Canada can be done as soon as you have loved ones you care for and assets in your possession. This also applies to both Millennials and GenZ; yes, these two generations are struggling financially, and yes, they have a rocky start in comparison to the post-war baby boomers of the 50’s and 60’s. But, and this is a big but, at some point in their lives, there will be a time when they accumulate at least some of their wealth. This could be in the form of digital assets (such as bitcoin), or physical assets (such as jewelry, antiques, etc.)  As life circumstances change and evolve, you may want to create a Will at some point in your life. Additionally, creating a Will has many tax benefits. A Will can also eliminate any family squabbling that could occur after your passing. There is no reason to postpone such an important document as you may never know when your time comes.

Even with an online Will, nothing is set in stone, and you can periodically review your Will to ensure the document is kept updated. Maybe your children are no longer minors, or there are additional assets to add to your Will. You can easily update these items through your online Will. You can do this without the need to go through expensive revisions through a lawyer.

These digital platforms guide users through the process, providing templates and step-by-step instructions to ensure all legal requirements are followed. Online Wills are appealing because of the affordability and ease that comes with the ability to easily update them.

This is a revolutionary option that can help protect generational wealth in an easy-to-use format. There’s no fear of losing your documentation as the documents will be stored digitally. Whenever you’re ready to consider doing your Will online, feel free to reach out to us. We will be prepared to handle your inquiries and help get your online Will setup in no time. We can help you make the best-informed decision about online Wills and, more importantly, ensure that you’re going to secure your legacy and protect your loved ones.

Estate Planning in Canada

Updated: June 2024

We all have something of value to pass on to our loved ones; that is what estate planning does and why you should plan for your estate as soon as possible. Our estates are comprised of our assets, items and all of the things that we all own. This can include anything and everything from investments, homes, cars, savings accounts, personal possessions, furniture, life insurance, etc. All of these things add up to create our personal estate(s). It’s very important to plan on how to manage all of these assets, and how they’ll be distributed when you pass away. This is where estate planning comes into play.

Estate planning, in a nutshell, is a process organizing and managing an individual’s assets to ensure a smooth transfer to the proper beneficiaries after their death. This encompasses drafting up a Will, arranging trusts, designating beneficiaries, and planning for potential tax liabilities.

No matter which province you live in, whether it be Ontario, Quebec, British Columbia, Manitoba, Alberta, New Brunswick, Saskatchewan, or Newfoundland, estate planning is incredibly important. Estate planning can be used as a way to not only manage your assets, but also to ensure that your assets go to the right people. 

What is Estate Planning?

Key Components of Estate Planning

Effective Estate Plan

FAQs

What is Estate Planning? 

Estate planning allows you to manage your assets and estate before you pass away. If you die or become incapacitated, the person in charge of your estate, or in the event of working with an estate planning professional (if you are working with one) will have all the necessary directions and guidelines on what to do and how to complete the process.

Estate planning consists of more than simply preparing a Last Will because aside from choosing how your wealth is distributed, estate planning can also settle your debts and estate taxes. Estate planning also covers other things: the guardianship of your pets and minor children, for example. Following an estate planning checklist will help streamline the process while also helping you save time and ensure everything is managed appropriately.

How Important is Estate Planning?

Having an estate plan is of the utmost importance! If you’re looking to safeguard the future of your family, you will want to that your wealth is distributed properly. An estate plan offers control over asset distribution. It also protects your heirs by ensuring that their future(s) are taken care of.

Without proper estate planning, it can be hard to reduce the financial burdens incurred on your family when you pass away. It can also be hard to ensure that your money and wealth are distributed as per your final wishes. Thankfully, estate planning helps you gives you complete control over how you allocate your wealth in the event you pass away.



Key Components of Estate Planning 

Every estate plan is unique; however, some components tend to be a part of each plan, and here are the main ones.

Wills and trusts

A Will is a legal document that allows you to distribute your assets once you pass away. Wills are also important if you want any specific funeral arrangements, a specific guardian for your kids, and so on. You can also opt for a trust, which is a written document that ensures that the property be held by one (the “trustee”) for the benefit of another (the “beneficiary.”)

Power of attorney

A Power of Attorney document allows someone else the authority over your financial affairs and property. This document allows you to specify the details of what powers and duties your Attorney (the person you have appointed to look over your financial affairs), can or can not engage in. You can read more about how a PoA works. You may also want to think about completing a Power of Attorney for Personal Care. That will help round out your entire estate plan.

Healthcare directives

The Power of Attorney for Personal Care (otherwise known as a “Living Will”) is a document that allows you to specify what actions someone can take on your behalf. In the event of your incapacitation (unable to make decisions for yourself), the Living Will kicks in. Normally, healthcare directives are very common in the event of illness, coma, or any other situation where an individual is unable to speak on his/her behalf.

Steps to Create an Effective Estate Plan 

Establishing a proper estate plan can be very difficult and time-consuming. Here are some steps you can take to help you create an efficient estate plan.

Identifying key roles: executors, guardians, beneficiaries

When you start the estate planning process in Ontario, the most important thing is to identify the individuals who are going to be an integral part of your estate plan. The Executor is the individual who administers your estate and follow your wishes (in the Last Will and Testament.) The guardian is the individual who takes care of minor children and raises them once you pass away.

Beneficiaries inherit various items/assets. You may need to have physical witnesses when the estate planning process is just starting. For your PoA, you also need to have someone appointed as the Power of Attorney if you can’t make financial and health decisions. 

Determining estate distribution

Another major aspect of estate planning comes in the form of asset distribution. You may want to create a list of each person in your life who you are going to leave behind something for. It’s also possible to offer charitable donations through your estate plan. This can be done through your Last Will and Testament.

Outlining additional wishes

Aside from asset distribution, you may also have other special wishes to take into consideration. In that case, you may wish to create a separate document with any specific wishes you might have. That includes anything related to burial/funeral arrangements, how you distribute your valuables, or other things that were not a part of the initial process of asset distribution.

After finalizing all of the aforementioned tasks, your focus has to be on preparing the legal documents, ensuring that they are properly witnessed, signed and (if necessary, notarized.) It’s not a major part of the process, but it is important and something to keep in mind. 

Common Mistakes in Estate Planning 



Estate planning in Ontario doesn’t have to be a difficult process. It’s extremely important to know the most common mistakes in Estate planning, and how to avoid them when yourself.

  • It’s also common for people not to include any funeral arrangement preferences in their Last Wills, which can become an issue for bereaved loved ones. This can go into a separate list. It’s separate from the Will itself.
  • Not discussing issues beforehand with family and friends can also present a challenge: you want to be sure that the people who have appointed for certain roles (i.e. Executor) are going to be accepted by other members of your family. It’s best to have this discussion beforehand.
  • Some people also forget about setting up a healthcare representative or a financial Power of Attorney. You will want to have these two documents as part of your estate plan.
  • It may be beneficial to have multiple beneficiaries.
  • If you already have an estate plan in place, it makes sense to review it periodically. You should update your plan whenever required.

FAQs 


Is estate planning necessary?

Ideally, everyone should have an Estate plan. An Estate plan makes it very easy to manage your assets and ensures that someone else can make the right health-related decisions. In addition, an estate plan allows you more flexibility and control over managing and handling your assets.

Do you need an estate plan if you have a living trust?

Yes, because you want to ensure everything is handled the way you want. An estate plan is there to manage everything once you pass away.

Can you modify your estate plan?

Yes, the estate plan can be modified as many times as you want during your lifetime. The focus is on keeping it accurate and updating it with your wishes.

When is it a good idea to start an estate plan?

Now! Now is the perfect time to get started with an estate plan. There are certain times during your life when an estate plan can become a priority. That can be when you are acquiring new assets when you get married or have a child, when your children come of age, or when you retire.

Do you need a lawyer for estate planning?

If you need legal advice, an estate planning lawyer may work for you. Be sure to seek out legal advice whenever necessary!

Remember, you can always set up your Wills and estate plan online in Canada with just a few clicks!

Rich person enjoy money

Updated: June 2024

A supposed “wealth transfer” is occurring. How do rich people pass on their fortunes to their heirs? What can you learn from them?

A whopping $84 trillion in assets will trickle down to Millennials and Generation X. Families should (hopefully) put a lot of thought and planning into how that wealth will be passed down.

This is even more true for uber-wealthy families.

It’s no secret that Millennials and Generation Z are two generations that have been beset with financial and economic struggles: student loans, high inflation, housing, and low job prospects all paint a bleak economic future for both generations. This is why many members of the younger generations are scrambling to make money through “side hustles,” living with roommates for a lot longer, live longer at home, and scrimp and save as much as possible.

The Importance of Estate Planning

The most common challenges

Family Dynamics

Wealth Succession

Other Things

Family Relationships

Philanthropic Giving

Financial Education

Life Insurance

Estate Tax

Wealth Transfer

Passing on wealth to the next generation

This is where the importance of passing down your inheritance comes in:

For a lucky few (we’re talking a very small minority of people on the planet), they have had the good fortune to inherit wealth. The small minority of lucky (wealthy) Millennials and members of GenZ may face other problems when it comes to receiving their assets: they may inherit less than they actually believe. Taxes and other estate fees may eat up their inheritance. Here is how you can learn from the uber wealthy: a study of 270 individuals from families with $50 million showed that some of the most important lessons on wealth planning are as follows:  

The most Common Challenges in Wealth Succession

Managing tax liabilities while transferring your assets can significantly impact (i.e. diminish) the wealth passed on to heirs. This means that proper estate planning and a good strategy for passing down wealth is of the utmost importance. In fact, 33% of respondents to a survey said that COVID-19 lead to more frequent conversations about their familial wealth.

78% of people reported having unplanned conversations about wealth, which didn’t go well at all. 26% of of those respondents actually regretted having those conversations. Ouch!

Managing Family dynamics:

The above stat shows why families with strained relationships, conflicting values, and differing values all complicate the process of transferring wealth. This is where the strategies for successful wealth succession comes in: asset preservation, safeguarding your assets from economic downturns, and preparing your heirs for the future are all important (it’s especially important in this day and age, where inflation is at 40-year high.)

Younger Canadians are navigating an economic labyrinth filled with financial challenges; many strive to achieve financial security in the face of rising housing prices, significant student loan debts, and a competitive job market. All of these factors culminate to give many millennials and Gen Z individuals anxiety about their futures. Forget retirement: many Millennials and members of Gen Z are just trying to survive. Unless the economic landscape changes soon, many Canadians may end up leaving for our neighbours to the south (or make the trek to other countries around the world.)

Strategies for Successful Wealth Succession:

Estate planning is the basic cornerstone of wealth succession for affluent families (and not-so-affluent families.) This involves creating a comprehensive strategy to manage and distribute assets upon death (or in some cases, while the heirs are alive – which you can read about here.)

Wills: This is a no-brainer: everyone should have a Last Will and Testament, and if you need a basic Last Will drawn up, see here as to how we can help you with that. These are legally-binding documents to help specify how your assets should be distributed and managed upon your death.

Other things an Estate Plan should include:

Asset protection: optimize your tax strategy by utilizing tax-efficient strategies to minimize estate taxes. That will allow you to maximize your wealth and increase the amount of money that your loved ones get. That may include receiving professional financial advice, if you need it.

Family Relationships:

This should be a no-brainer, but having these conversations about money can elicit feelings of anger, sadness, confusion, etc. If you’re going to sit down and have these (uncomfortable) conversations about money, you’d better be prepared for some crying, anger (possibly screaming, yelling), and maybe even threats of physical violence. One way to handle this is through annual family meetings: gather everyone to discuss your plans for your estate, your long-term goals, and how you want your things to be handled upon your death. A good discussion to air things out may help clear the air of any ambiguity regarding your estate.

Philanthropy and Charitable Giving:

Many affluent families engage in philanthropy: they pass on their money to worthy charitable causes. This is their way of leaving behind a positive impact on society upon their deaths. You can see this with wealthy celebrities who have left everything to charity, rather than to loved ones. There are celebrities who believe that their own children should work for their own money (usually with the help of their parent’s connections, of course.) Funneling money through family foundations or through charitable trusts can seamlessly support charitable causes, and get the heirs involved in charitable giving. In other words, having your heirs involved in charitable giving and distributing that money may keep the children of the uber-wealthy from being spoiled brats who live off of their inheritance.

Financial Education and Mentorship:

Rich people, just like everyone else, don’t want to see their wealth squandered. They may also prepare the younger generation with lessons about financial literacy at a young age. Of course, this involves networking and connections (probably connections that many of us don’t have.)

Life Insurance:

Life insurance can serve as an effective tool for wealth succession. It’s pretty much a viable tax-efficient way to transfer wealth to heirs. Life Insurance can also be used as a way to pay off taxes on real estate.

Estate Tax Planning:

Estate taxes can significantly eat away at the wealth people have accumulated into your estate. For wealthy people, this is where estate planning attorneys/tax expert come into play: they help minimize tax liabilities. That isn’t what you want, right? You may want to do the same, and talk to an estate planning lawyer when you are settling your estate. You may also want to start with our estate planning articles, here.

Wealth Transfer Laws:

Wealthy families have to stay informed about new laws and tax regulations. They adapt and adjust plans accordingly. Regardless of your income level, you should follow suit and adapt by staying informed with the laws surrounding tax regulations.

Preparing the next generation:

Rich people don’t want their money to be blown – there is some evidence to show that by the third generation, inherited wealth ends up squandered. You too, can avoid having your money (and estate) squandered by emphasizing the importance of your heirs (and their children) about managing their money, consistently educating themselves on changes to the laws, and learning how to spend money wisely.

You can start this entire journey by creating a Will, Power of Attorney or a Living Will for yourself. You can start here. Wealth succession is a complicated journey that goes beyond the transfer of financial assets. You have to balance your assets, estate, family relations, philanthropy, etc. Managing all of this almost appears to be a full-time job. You can learn from wealthy families by making sure that your own heirs are up for the job.

A romantic couple

Updated: June 2024

When do you need to update your Will? Estate planning is an ever-evolving process that adjusts and adapts to the ebbs and flows of our lives. Central to this is your Last Will and Testament. But creating a Will isn’t a one-time affair; life’s unpredictability demands regular revisions. So, how do you know when it’s time to dust off that old document and make some changes? Let’s dive in.

The Living Document

Major Life Events

Financial Changes

Relationship Changes

Geographical Changes

Tax Law Changes

Setting up Trusts

Periodic Reviews

Appointing or Changing Executors

1. Introduction: The Living Document

A Will is often viewed as a ‘living document’. Just as our lives undergo changes, so should our Wills. It’s good to review your Will to ensure that it remains relevant and reflects your current wishes. This includes reviewing your Will whenever you move, have more children, etc. Essentially, anytime your life circumstances change, your Will should change right along with it.

A “living document” is an apt name for a Will, because it’s a dynamic document, one that can be updated or changed throughout a person’s lifetime. A Will remains relevant as long as it accurately represents the current intentions of the individual. Marriage, children, investments, or changes in financial status (who hasn’t experienced this in the past few years?) can necessitate revisions to a Last Will. This ensures the document remains a true representation of the individual’s desires.

2. Major Life Events: The Obvious Catalysts

Whenever a significant event occurs in your life, it’s a clear signal to revisit your Will.

  • Marriage: Newlywed bliss also comes with legal implications. Update your Will to include your spouse or adjust asset distribution. What is your spouse getting in your Will?
  • Divorce: The end of a marital union often necessitates changes in asset beneficiaries and executors. How will your Last Will and Testament change?
  • Birth or Adoption: The addition of a child is a joyous occasion. Ensure they’re a part of your Will and consider setting up trusts. Is there a guardian you want to add?
  • Death of a Beneficiary or Executor: When a named person in your Will passes away, adjustments are crucial. How will your Last Will change?

3. Financial Changes: Wealth’s Ebb and Flow

Major financial shifts can greatly impact how you’d like your assets to be distributed.

  • Acquisition of Significant Assets: Whether it’s a new home or a valuable piece of art, newly acquired assets should be addressed in your Will.
  • Sale or Disposition of Assets: If you’ve mentioned specific assets in your Will which you no longer own, those sections need revising.
  • Starting a Business: This not only adds to your assets but might also involve complex distribution desires.

4. Changes in Relationships

Beyond marriages and divorces, other relationship dynamics can influence your Will.

  • Estrangements: Sometimes, we grow apart from those once close. Such shifts might impact your distribution wishes.
  • New Dependencies: Whether it’s a new stepchild or an aging parent, new dependents might need to be factored into your Will.

5. Geographical Moves: New Horizons, New Rules

Relocating, especially across state lines or countries, can necessitate a Will update due to differing estate laws. Your Will may need to be updated to the provincial/state laws of the province that you’re living in.

6. Changes in Tax Laws

Estate and inheritance tax laws are prone to shifts. An update in these laws might prompt a restructuring of your estate plan to maximize benefits. It’s wise to change your Will to adapt to the province/state of residence.

7. Setting Up Trusts

If you’ve recently established trusts or wish to integrate them into your estate planning, it’s time for an update. You can choose this option in your Last Will and Testament; choose to leave everything in a trust.

8. Periodic Reviews: A Proactive Approach

Even without significant life changes, it’s wise to review your Will every 3-5 years. Regular checks ensure that your Will remains aligned with your current wishes. Always good to be prepared.

9. Appointing or Changing Executors

Your chosen Executor plays a pivotal role in the execution of your Will. Any change in your trust level or their ability to perform the task should trigger an update. Who would you trust to be the Executor of your Estate?

Keeping your Will up-to-date ensures that upon your passing, your wishes are carried out as envisioned. You will want to avoid as many disputes between loved ones as possible. That is why it’s important to ensure that your Will is updated to match your life circumstances.