In 2016, a survey was conducted and determined that 56% of Canadians do NOT have a will (or power of attorney). Below is an excerpt from RBC Insurance explaining the consequences of dying without a will:
“Many people incorrectly assume that if they were to die without a Will their estate would simply pass to their spouse. However, this would only happen for assets that were held jointly with right of survivorship with the spouse.
In Canada, if you die without a Will you are considered to have died “intestate.” Simply put, this means that your provincial government decides how your assets will be divided—and not you.
Each province has intestacy rules that define your estate’s beneficiaries and how much each is to receive. Usually, this means your legal spouse and biological and adopted children will likely end up with your estate’s assets. Intestacy rules, however, do not take into account any intentions you may have for distributing your assets. Even worse—intestacy can result in additional legal costs for your beneficiaries.
Most provincial intestacy rules do not recognize common-law spouse status, so he or she may be left out of the estate entirely. However, in most provinces, a common-law spouse may petition the courts for support as a dependent, leading the estate into litigation and further costs.
No matter what your family situation, intestacy does not take into consideration any intentions you may have for the distribution of your estate. For your peace of mind today and your family’s peace of mind tomorrow, making a Will is an easy, inexpensive solution.” (source: https://www.rbcinsurance.com/insuranceneeds/insurancewill/dying-without-will.html)
Over the past several months I’ve been working with the founder/owner of a company called “Willful”. This company provides Canadian families the opportunity to get a will completed online for as little as $100 (mirror wills for spouses costs $250). The online experience is so simple and takes no more than 15 minutes (below is a screen shot of the simple ‘point-and-click’ method).
To be clear, I recommend having an estate lawyer draft a personalized will and power of attorney (that’s what I did), but this service gives clients the ability to get a will completed quickly and effectively without the huge costs.
I have no ownership or financial interest in this company or product. As a trusted advisor, my job is to help people arrange their affairs and this service provides a simple and cost effective solution.
Use my promo code “laundry” and you will receive a 10% discount.