Life is unpredictable—but your family's financial future doesn’t have to be.
Despite its importance, nearly half of Canadians don’t have a current will1. This single oversight can create serious emotional stress, legal uncertainty, and financial hardship for your loved ones when they’re already grieving. If you haven't taken the time to prepare a will, you're not alone—but now is the time to change that.
Creating a will is one of the most thoughtful and responsible steps you can take for your family. It’s not just a legal document—it’s a plan for protecting everything you’ve built and ensuring your loved ones are cared for.
A will, or “last will and testament,” is a legal document that outlines how you want your assets—such as property, investments, personal items, and even guardianship of your children—handled after your death. It gives clear, enforceable instructions to your executor and the courts, ensuring your wishes are carried out.
Without a valid will, your estate is considered intestate, which means provincial laws determine how your assets are distributed. This often leads to lengthy delays, higher costs, and outcomes that may not reflect your wishes.
The absence of a will can be devastating for families. Consider two scenarios:
Family A – With a Will:
Family B – Without a Will:
Creating a will gives your family direction, reduces stress during a difficult time, and ensures your hard-earned assets are passed on efficiently and fairly.
The short answer? Everyone.
Whether you're a young adult, parent, homeowner, retiree, or business owner, a will ensures your voice is heard when you're no longer here. You don’t need a massive estate to need a will—you just need people you care about and things worth protecting.
You especially need a will if:
Despite the importance of wills, many Canadians believe they don’t need one—until it’s too late. Here are three costly mistakes to avoid:
1. “My spouse or partner will automatically inherit everything.”
Not necessarily. In many provinces, common-law partners have no automatic inheritance rights without a valid will.
2. “The court will choose the best guardian for my children.”
Possibly—but not necessarily according to your values. Without a will, you have no say in who cares for your children or manages their inheritance.
3. “I’ll deal with taxes later.”
A lack of planning can lead to unnecessary taxes and fees, potentially costing your heirs tens of thousands of dollars. A will can help minimize this.
Canadian households are wealthier than many realize. As of 2024, the average household net worth was over $1 million, and the average home value exceeded $700,0002. Even middle-income families often accumulate significant assets over time.
Creating a will—typically costing under $1,500—is a small investment that protects hundreds of thousands of dollars in value.
And it’s not just about homes or bank accounts. A proper will accounts for:
For families with significant assets, a basic will is only the starting point. Advanced estate planning tools—such as trusts, tax-efficient giving strategies, and cross-border planning—can help you:
Trusts can offer greater control and protection over how and when your assets are transferred. They are especially useful for families looking to preserve wealth, minimize taxes, and avoid probate. In Canada, trusts generally fall into two broad categories: inter vivos trusts (created during your lifetime) and testamentary trusts (created through your will and activated upon death).
These trusts are established while you are alive and can help with tax planning, asset protection, and probate avoidance.
These are created through your will and only come into effect upon your death. They can provide long-term control over inheritance, such as staggered distributions for beneficiaries, or ongoing support for a dependent with special needs. They also offer some tax advantages in certain scenarios.
Example: A family trust can allow you to pass wealth to your children while protecting those assets from marital breakdowns or poor financial decisions.
Planning your estate means planning for taxes. Without a strategy, your heirs may face:
Strategies Include:
Without proper planning, your estate may face a significant tax bill due to the ‘deemed disposition’ of assets at death. Strategies like gifting assets or using insurance can help offset these costs.
If you have foreign property, dual citizenship, or heirs living abroad, your estate plan becomes more complex. Key issues to consider:
Beyond legal documents, a successful estate plan is also an emotional one. Families should:
Even with a will in place, oversights can cause problems:
A thoughtful estate plan is a collaborative effort. Your lawyer, accountant, and financial professional should work together to:
Coordinating your will with your tax and investment strategies ensures your wishes are achievable and tax-efficient.
Here’s a quick reference to ensure your estate plan is on track:
At Matco Financial, we believe true financial planning includes protecting what you've built. Our portfolio managers work with you to create a comprehensive estate strategy tailored to your values, your family, and your goals.
Whether you're creating your first will or reviewing an existing one, we help ensure that:
Let’s take this important step together. Because protecting your legacy shouldn’t be left to chance.
Our team is here to turn knowledge into results. Start building your financial future by speaking with an advisor.