A will is one of the most important legal papers you'll ever sign. You must be age 18 or older to sign one. It should cover:
- Who will inherit money or property from you? A will makes it clear who gets what after you die. This is important even if you don't have a lot of money.
- Who will care for your children? You can name someone to take care of them if both parents are gone. You can also make plans to leave money for their care.
- Who will carry out your wishes? Your will should name someone to take care of this important job. This person is called your executor or estate trustee. Most people choose a family member, their lawyer, or their financial adviser.
The problem with not having a will: Leonard's story
If you don't leave a will, or you don't plan properly, you can create big problems for your loved ones after your death. This happened to Leonard's family. To learn more, read
Some people write their own wills. However, for most people, it's better to consult a lawyer, who can help you avoid mistakes.
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Content in this section is provided in partnership with the Investor Education Fund, a non-profit organization promoting financial literacy to Canadians. To find out more go to GetSmarterAboutMoney.ca.