A 2019 survey on Canadian ‘financial capability’, found that almost half of all Canadians do not have a Last Will and Testament. The majority of those individuals who have a Last Will and Testament are above the age of 65 years old and the majority of those who do not are under the age of 35. Canadians and their Money: Key Findings from the 2019 Canadian Financial Capability Survey- https://www.canada.ca/en/financial-consumer-agency/programs/research/canadian-financial-capability-survey-2019.html

It should be noted that if someone dies without preparing their Will, they are deemed to die intestate and the relevant intestacy laws under the Succession Law Reform Act apply. The Succession Law Reform Act governs the ultimate distribution of the Estate.

Without having prepared a Last Will and Testament, there is no personal representative appointed who can administer the Estate. Only with a Certificate of Appointment of Estate Trustee Without a Will can someone administer an intestate Estate. The person appointed as Estate Trustee may not be who you wish to act as Estate Trustee of your Estate.

Not preparing a Last Will and Testament can have further negative consequences and create disputes amongst family members regarding the distribution of the Estate which can potentially cost thousands of dollars. By preparing a Last Will and Testament this problem can be avoided as the Testator can make their intentions clear regarding the distribution of the Estate. This should be an important consideration while drafting your Will and something you should discuss with your solicitor.

It is strongly recommended to draft a Last Will and Testament, even if you are under the age of 35 years old. You can draft multiple Wills if you change your mind at a later date.  This will ensure your preferences and decisions regarding your Estate are codified.

Thanks for reading,

Aanchal Bajaj