October 4-10 is Make a Will Week, a reminder that creating and updating your Will is one of the most important things you can do for the people and causes you care about. Having a Will can provide peace of mind, protect your loved ones, and ensure your wishes are carried out.
To help make estate planning feel a little less intimidating, we've compiled answers to five common questions about making a Will.
1. What happens if I don't have a Will?
If you die without a valid Will, your estate will be distributed according to the laws of the province or territory where you live, rather than according to your personal wishes.
This can mean that people or organizations you intend to benefit may not receive anything. Having a Will allows you to choose who will receive your estate, who you want to administer it, and can help reduce uncertainty and potential conflict for your loved ones.
2. How often should I update my Will?
A Will isn't a "set it and forget it" document.
You should review your Will periodically and whenever there is a significant change in your life, such as:
- Marriage, separation, or divorce
- The birth or adoption of a child
- The death of a beneficiary or executor
- A significant change in your assets
Even if nothing has changed, it's a good idea to revisit your Will from time to time to ensure it still reflects your wishes.
3. What is an executor, and how do I choose one?
An executor is the person you appoint to administer your estate after your death.
Their responsibilities may include:
- Locating assets
- Paying debts and taxes
- Managing legal and financial matters
- Distributing your estate according to your Will
Choose someone you trust who is organized, responsible, and able to take on the role. Depending on your circumstances, you may also wish to consider a professional executor or trust company.
4. Is it better to leave a percentage of my estate to charity or a specific dollar amount?
Both options can be effective, and the right choice depends on your personal goals.
A specific dollar amount provides certainty about the size of your gift, while leaving a percentage or share of your estate allows the gift to adjust over time based on the overall value of your estate.
When planning a charitable gift in your Will, it's worth discussing the options with your legal or financial advisor as part of your broader estate plan.
5. How can I learn more?
Whether you're creating your first Will or updating an existing one, taking the next step today can help ensure your wishes are honoured tomorrow. It's also a great opportunity to start a conversation about your legacy.
A gift in your Will can also create a lasting impact on the future of health care, helping support life-saving care, research, and innovation for generations to come.
When you leave a legacy gift to St. Paul’s Foundation, you are doing something
extraordinary. You are reaching into the future to help people you may never meet. You are ensuring that St. Paul’s Hospital and every hospital, hospice, care site, and seniors home under Providence will continue to provide exceptional care.