Most Canadians want to pass their life savings on to their heirs. The assets remaining once retirement needs are met will be distributed more effectively if there is a properly prepared will detailing the deceased’s wishes. Many people mistakenly believe that this issue is far in the future. Preparation of a valid will and its related estate planning considerations should be the cornerstone of a proper estate plan. Whenever there is a change in circumstances, the will should be reviewed and updated as needed.

In spite of good intentions, far too many people die without having a valid will. The will is a legal document that details the process for distributing the deceased’s assets in an orderly and tax-efficient manner. More importantly, the will documents the manner in which the individual intended to have their estate administered.