Three Essentials Of A Will by Rod Rattray, Owner of EstateCoach.ca
A June, 2026 survey published by CIBC states while 94% of respondents believe everyone should have a will, only 52% indicate they have one. A previous 2021 survey by LegalWills indicated up to 65% of Canadians are without a valid will. The most common reasons cited include ‘I’ll do it later,’ ‘I don’t have enough,’ and, ‘I don’t know where to start’. November is recognized by the Canadian estate industry as Make a Will Month. This doesn’t mean November is the only month in which to make a will, but it is good cause to review three essential points for preparing your will. 1. Choose the Right Executor An executor, also known as estate trustee or personal repre- sentative is the individual you name to carry out your will’s instructions. It is one of the most vital decisions in a will. The executor is responsible to arrange a funeral, manage estate assets, pay outstanding debts, file taxes, and distribute what remains to your beneficiaries. Executors must be trustworthy, organized, willing and able to take on the task, and patient. Administering an estate involves processing considerable paperwork, making financial decisions and much time. The choice of executor should be based on skills and aptitude, not only bloodline or birth order. Before creating your will, both primary and alternate executors should be named and the role discussed with them. 2. State Clear Instructions A will is more than a legal document of how you want your assets to be distributed after your death. It is taking care of
those who will grieve your loss. A will is essential for parents to name guardians of minor children. Without a valid will, Ontario law determines who inherits your estate. This may not reflect your wishes, particularly if you have a blended family or a common-law partner. Clearly documenting your decisions can reduce uncertainty and stress for loved ones during such a difficult period. 3. Review Your Will Regularly This isn’t ‘one and done’. Our financial lives are dynamic. Assets are bought and sold. Debts levels evolve. Treasures accumulate and are lost. Businesses are started and closed. Relationships change. Marriage, separation, divorce, births, and deaths all affect your estate. Wills must follow these changes and should be reviewed as these changes occur, and at least every couple of years. Regular reviews help ensure named executors, trustees and bene- ficiaries are correct and your wishes are always up to date. It keeps beneficiaries on insurance policies and registered accounts like TFSAs consistent with your will. Make a Will Month is an opportunity to turn good intentions into practical action. If you haven’t got a will, get one. If you can’t find it or it’s been a long time since you read it, time to do so. A few pages can, in any month, make a world of difference to your family.
Page 28 Hometown St. Thomas • November 2026
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