The person signing the Will is described as the “testator”.  Individuals receiving assets within an estate are described as “beneficiaries”.

It is important that when drafting a Will it fully encapsulates the intentions of the testator.  This is your opportunity to set out how you wish to provide for those loved ones after you have passed on.   As such, careful consideration is important when completing your Will and you should have a lawyer completing this work that is invested in completing a will that is tailored to your needs. 

As there are complex processes involved for the transfer of assets and the taxable consequences for transferring these assets, individuals should have solid awareness of these consequences.  Further, over time as assets and liabilities change, and your immediate family and the supports around them changes, it is important to have an updated Will that reflects the realities of your life.     

It should be noted that distribution of assets can be structured over a short or longer term after one's passing, with this being completed because of various reasons including beneficiaries being under the age of majority, or because of taxable consequences, among other reasons.   There is no one size fits all for wills and because of this careful planning should be part of the Will drafting process. 

It is common that individuals include testamentary gifts and trusts so to provide for specific individuals, including for dependent or adult children, spouses, and common law partners.

There is opportunity to also address how your personal belongings are dealt with and setting out important value based instructions as to burial, cremation and other specific instructions that can be part of your Will.  

Because your life is important, the estate planning for your life and what you leave for family and loved ones should be given the same consideration.