3. Make lists of who and what to include in your will
Question & Answer
What do I need to think about when making a will?Before you write your will, it's a good idea to make a list of who you want to include in your will, and a list of your property and .
List beneficiaries
Make a list of any family members, friends, and other people you would like to leave something to. Include their legal name and address if possible. For example, you might want to leave property to:
- a or partner
- your children and grandchildren
- a sister, brother or any sibling
- other family members like a niece, or nephew
- a friend or neighbour
- organizations such as charities
The people and organizations you leave your property to are called your .
You also need to think about what you'd like to happen if a beneficiary dies before you do. You have to decide if the property you left that person goes to their children, to someone else, or back into your .
Who you should leave something to
If possible, you should leave enough to financially support your dependants. A dependant is a person you were supporting financially before you died or a person the law says you must support.
A dependant can be your married or common-law partner, married partner you're from, divorced partner, child, stepchild, grandchild, parent, grandparent, or sibling.
If you do not leave enough for your dependants, they can go to court and make a dependant support claim against your estate.
List your property and debts
Make a list of all your property, for example:
- such as land, houses, or condos
- cash or money in bank accounts
- investments such as registered retirement savings plans (RRSPs) or tax-free savings accounts (TFSA)
- life insurance policies
- personal property such as:
- cars or trucks
- clothing
- jewelry
- collections, for example, coin, cards, and artwork
- furniture and other household items
- online such as PayPal, eBay, and loyalty reward programs like Aeroplan miles
- pets
Make a list of all your debts. Your debts include things like income taxes you owe, mortgages, lines of credit, credit card payments, and car loans.
If you rent, your needs to know how to contact your landlord, when your rent is due, and whether you paid a deposit for your last month's rent.
Pets
The law says that pets and other animals are personal property.
Your will can tell your estate trustee to sell your pet. Money from selling the pet becomes part of your estate.
Or you might leave your pet to someone in your will. Some people also leave that person some money to thank them, or to help with the cost of taking care of the pet.
It's a good idea to ask the person if they're willing to care for your pet before you put this in your will.