How To Make A Will In Ontario: 5 Steps For Peace Of Mind

Dec 11, 2024

One of the most important steps you can take is creating a will that will protect your loved ones and ensure your wishes are respected. Understanding how to make a will in Ontario allows you to gain control over your estate and minimize disputes. It also helps you to reduce unnecessary costs, such as probate fees.

This introductory guide reviews the key steps to making a will, from choosing an estate trustee to naming beneficiaries.

It also explains strategies to lower probate fees, helping you manage your estate efficiently. Seeking guidance from a wills and estates lawyer in Toronto can ensure your will is legally sound and meets your needs.

The Importance Of A Will

A will, or “last will and testament,” is a legal document that outlines how your property will be distributed after you pass away.

Without a will, Ontario’s intestacy rules outline who inherits your estate. This can lead to unintended outcomes and conflicts among loved ones. For example, intestacy rules may say your biological children have a right to your property. However, your step-children, who you haven’t legally adopted, do not.

By making a will, you:

Appoint an estate trustee to manage your estate.
Decide who inherits your property.
Plan for the care of minor children.
Minimize estate-related costs, including probate fees.

Even if you have a few modest assets, having a will provides clarity and ensures your wishes are respected. In short, a will is about ensuring your voice is heard, and your legacy is handled the way you intend.

Wills In Ontario: 5 Key Steps To Making One

In Ontario, making a will involves several key steps. This guide outlines five essential steps to help you navigate the process for wills in Ontario and how to create an estate plan that gives you peace of mind.

1. Choose an Estate Trustee

Your estate trustee (executor) is responsible for carrying out the terms of your will, handling legal paperwork, settling debts, distributing assets and potentially dealing with family dynamics. Choose someone trustworthy, preferably an Ontario resident. You can also appoint co-trustees or substitutes. Discuss their willingness to take on this potentially time-consuming responsibility before naming them in your will.

2. List Your Beneficiaries

Beneficiaries are the individuals or organizations that inherit your property. Include their full legal names and contact information. Ensure dependents, such as children or financially supported family members, are adequately provided for to avoid potential legal claims against your estate.

3. Document Your Assets and Debts

Your estate includes all property you own when you die, such as real estate, investments, personal belongings, and debts. Some assets, like those with designated beneficiaries (e.g., RRSPs, TFSAs, or life insurance), can “pass outside the will” so that they will not be included in probate calculations.

4. Plan Specific and Residual Gifts

Decide if you want to leave specific items or amounts of money to beneficiaries. After debts and probate fees are paid, the remaining estate (residue) is distributed according to your instructions. Consider creating trusts for minors or individuals with disabilities to manage their inheritance.

5. Plan for Minor Children

If you have children under 18, name guardians to care for them temporarily (90 days) and someone to manage their property. For children with disabilities, consult a wills and estates lawyer in Toronto to set up a trust that ensures their care while preserving eligibility for government benefits.

Reduce Probate Fees

Probate fees, also called estate administration tax, are fees that are paid to the Ontario government. These are based on the total value of your estate. These fees are $15 for every $1,000 of assets over $50,000.

Here are some steps you can take to reduce probate fees:

Give gifts while alive to reduce the size of your estate.
Name beneficiaries on investments and insurance policies so that they can pass outside of your estate.
Own property jointly with someone else.
Consider setting up an alter ego or joint partner trust (with legal advice).

The less property included in your estate, the lower your probate fees will be. You can use the Ontario government’s estate administration tax calculator to estimate the fees that will be paid from your estate.

When You’re Ready: Draft Your Will

While DIY will kits for wills in Ontario are available for those with simple wills, you may want to seek legal advice. Consulting a wills and estates lawyer ensures your will complies with Ontario laws and avoids potential disputes.

A lawyer can help you address complex situations, such as blended families, multiple properties, or international assets.

When your will is completed, the next step is signing and storing your will. For this step, your will must be signed in the presence of two witnesses who are not beneficiaries. It’s important to store the document securely and inform your estate trustee of its location.

Seeking Help: Consulting A Wills And Estates Lawyer In Toronto

Understanding how to make a will in Ontario gives you the tools to protect your loved ones and simplify estate management.

By choosing the right estate trustee, planning for beneficiaries, and taking steps to reduce probate fees, you ensure your legacy is handled with care. Start planning today and consult a wills and estates lawyer in Toronto to create a will that provides peace of mind for you and your family.

When you want to ensure your will is properly drafted, the next best thing to do is consult a wills and estates lawyer in Toronto. This ensures your will is properly drafted and considers strategies to minimize probate fees and tax burdens.

Do You Need a Wills and Estates Lawyer? Contact the Kelly D. Jordan Family Law Office Today

When you are seeking expert legal assistance in navigating the complexities of wills in Ontario, look no further than the Kelly D. Jordan Family Law Office. With over twenty-five years of experience, Kelly Jordan and her dedicated team are committed to providing knowledgeable support to clients.

You can contact us online or call our Toronto offices at 416-849-5501 to schedule a consultation. Let us provide you with the guidance you need as you prepare your will.

More Resources

Administering Estates – Ontario.ca

Wills And Powers Of Attorney – Steps To Justice

Steps To Preparing Your Will – Steps To Justice