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Retirement, will, and estate planning
Creating a valid will can be an uncomfortable and confusing process. But you’re not alone in feeling it’s difficult to make a will. According to a 2019 study commissioned by Willful, over 57% of Canadians don’t have a will1. So, to help you get started this Make a Will Month, we’ve answered some questions you may have about legal wills in Ontario and what you’ll need to consider when making yours. Life can be unpredictable, but having a will ensures the unexpected doesn’t leave your loved ones unprepared.
What is a will?
A will is a legal document that outlines how you wish to distribute your assets after you pass away. It’s where you appoint an executor to manage your assets, name guardians you would want to care for your minor children or pets and add beneficiaries to receive gifts after you pass away.
Why do I need a will?
Making a will is an important responsibility for any adult at least the age of majority in your province or territory (e.g. 18 years old in Ontario2). It’s also necessary to appoint an executor. Appointing an executor provides access to the appropriate means to settle your estate and communicate with your beneficiaries. If you pass away without a will or don’t appoint an executor, the courts will have to appoint an administrator to settle your estate instead, and they may not be the person you would have chosen.
Do I need a lawyer or notary to make a valid will?
Canadian law doesn't require you to make a will with a lawyer or notary. A lawyer can assist if you have a complex estate and would benefit from legal advice. However, platforms like Willful can guide you through the process, offering flexibility and helping you customize your legal documents to suit your needs. If you’ve registered for your free EdvantagePerks account, check out our valued partner Willful to get 20% off.
What happens if I pass away without a will?
If you pass away without a valid will, the law considers you passed away “intestate,” meaning you didn’t leave any instructions on how you’d like your assets to be distributed. In that case, your assets will be distributed according to the laws of the province or territory that you live in, which may not align with your wishes.
How is a will used after I pass away?
Your will is the blueprint for your executor to settle your affairs on your behalf. It’s the responsibility of your executor to distribute your assets as requested. Your executor is also responsible for following your wishes regarding funeral planning and the disposal of your remains.
Where should I store my will?
In Ontario, you must store a hard copy of your will; only the original signed copy is legally valid. The original hard copy should be stored somewhere safe, in a place that's known and accessible to your executor. If you're keeping your will at home, storing it in a fireproof safe away from moisture, direct sunlight, and anything else that can affect the paper and ink is recommended. You can also register your will on Canada Will Registry to ensure your executor knows where it is. And if they forget or you forget to tell them, your executor can perform a search to find its exact location.
When and why do I need to update my will?
A will isn’t a one-and-done kind of document. It should reflect life’s changes as they happen. Life events like home ownership, marriage, parenthood, or divorce can significantly alter your wishes. Especially if you’re planning for retirement, now is the time to make or update your will to ensure your wishes are honoured after you pass away.
If you’re retiring this year or starting to plan for your retirement, we’re here to support you through this exciting next step. We’re pleased to offer a smooth transition from your group benefits to retirement coverage with RTIP Easy Enrol*. RTIP Easy Enrol provides a simplified coverage selection process for members approaching retirement without having to complete our standard RTIP application form.
We know there are many things to consider when transitioning into retirement. That's why we provide free retirement planning resources like our podcast and workshops, some featuring financial planning advice from Educators Financial Group.
If you have any questions about your retirement planning, life insurance, or the RTIP health, dental and travel plans, contact a Life and Living Benefits Representative at 1-800-267-6847 or view the available RTIP health, dental and travel plans.
* Members over the age of 58 who are currently within 90 days prior to their retirement date or up to 60 days after their retirement date are eligible for RTIP Easy Enrol.