Before making a will
Before you draw up your will, it is a good idea to make a written inventory of:
- your property (house, cottage, savings bonds);
- your debts (mortgages, loans or other debts).
If the inventory is complete, up-to-date and dated, it will be useful to the people who will settle your estate.
Tax and other issues
You should consult a tax specialist if:
- you own property of a certain value, such as a house or company;
- you believe the transfer of certain property, such as a registered retirement savings plan (RRSP), might have a fiscal impact.
We suggest that you consult a legal advisor if you think the settlement of your succession will be complicated, for example because of:
- the value of the property bequeathed;
- your desire to protect young children or a person suffering from a chronic disease;
- any other reason.
You may include your last wishes in your will. In other words, you may specify:
- how your body is to be disposed of after your death, for example by burial or cremation;
- your funeral arrangements.
However, a will is normally read after the person’s funeral, so you should also record your last wishes in a document that can be read immediately after your death. You can also discuss them with your family.